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I just need help with the red boxes please! On June 10, Larkspur, Inc. purchased $7,700 of merchandise on account from Novak Company, FOB shipping
I just need help with the red boxes please!
On June 10, Larkspur, Inc. purchased $7,700 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Larkspur, Inc. pays the freight costs of $420 on June 11 . Goods totaling $700 are returned to Novak for credit on June 12. On June 19, Larkspur, Inc. pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Larkspur, Inc.. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) On June 10, Larkspur, Inc. purchased $7,700 of merchandise on account from Novak Company, FOB shipping point, terms 2/10,n/30. Larkspur, Inc. pays the freight costs of $420 on June 11 . Goods totaling $700 are returned to Novak for credit on June 12. On June 19, Larkspur, Inc. pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Larkspur, Inc.. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Prepare separate entries for each transaction for Novak Company. The merchandise purchased by Larkspur, Inc. on June 10 cost Novak \$5,200, and the goods returned cost Novak \$263. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Prepare separate entries for each transaction for Novak Company. The merchandise purchased by Larkspur, Inc. on June 10 cost Novak $5,200, and the goods returned cost Novak $263. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in theStep by Step Solution
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