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Information related to Flounder Co, is presented below. 1. On April 5, purchased merchandise on account from Shamrock Company for $33,200, terms 3/10, net/30, FOB
Information related to Flounder Co, is presented below. 1. On April 5, purchased merchandise on account from Shamrock Company for $33,200, terms 3/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $890 on merchandise purchased from Shamrock. 3. On April 7. purchased equipment on account for $44,800. 4. On April 8, returned $5,200 of merchandise to Shamrock Company. 5. On April 15, paid the amount due to Shamrock Company in full. Prepare the journal entries to record these transactions on the books of Flounder Co. under a perpetual inventory system. (List all debit entries before credit entries. 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 tities and enter O for the amounts.) Assume that Flounder Co, paid the balance due to Shamrock Company on May 4 instead of April 15 . Prepare the journal entry to record this payment. (List all debit entries before credit entries. 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 Of for the amounts.)
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