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On 10 June Grand Accessories Ltd purchased $5,100 of inventories from Highend Distributors Ltd, terms 2/7,n/30. Grand Accessories Ltd pays the freight costs of $290

On 10 June Grand Accessories Ltd purchased $5,100 of inventories from Highend Distributors Ltd, terms 2/7,n/30. Grand Accessories Ltd pays the freight costs of $290 to Freight Masters on 11 June Goods totalling $290 are returned to Highend Distributors Ltd for credit on 12 June. On 17 June Grand Accessories Ltd pays Highend Distributors Ltd the amount owing. Both entities use a perpetual inventory system. Grand Accessories Ltd General journal Credit Debit $ Date Account and explanation 10 June V 11 June > > 12 June

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