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Can you please solve this? BONUS QUESTION 2 (10 Points); On June 10, Meridith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point,
Can you please solve this?
BONUS QUESTION 2 (10 Points); On June 10, Meridith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point, terms 2/10, n/30. Meridith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12. The scrap value of these goods is $150. On June 19, Meridith pays Leinert Company in full, less the purchase discount. Both companies use a perpetual inventory system. a) Prepare separate entries for each transaction on the books of Meredith Company (buyer). b ) Prepare separate entries for each transaction for Leinert Company. The merchandise purchased by Meredith on June 10 had cost Leinert $5,000. Meridith Company Leinert CompanyStep by Step Solution
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