Question
Exercise 5-4 On June 10, Sunland Company purchased $6,700 of merchandise from Blossom Company, terms 2/10, n/30. Sunland Company pays the freight costs of $380
Exercise 5-4 On June 10, Sunland Company purchased $6,700 of merchandise from Blossom Company, terms 2/10, n/30. Sunland Company pays the freight costs of $380 on June 11. Goods totaling $700 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Sunland Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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