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On June 10, Marigold Corp. purchased $8,400 of merchandise on account from Sheffield Company, FOB shipping point, terms 3/10, n/30. Marigold Corp. pays the freight
On June 10, Marigold Corp. purchased $8,400 of merchandise on account from Sheffield Company, FOB shipping point, terms 3/10, n/30. Marigold Corp. pays the freight costs of $410 on June 11 . Goods totaling $700 are returned to Sheffield for credit on June 12 . On June 19, Marigold Corp. pays Sheffield Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is partially correct. Prepare separate entries for each transaction on the books of Marigold Corp.. (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 Sheffield Company. The merchandise purchased by Marigold Corp. on June 10 cost Sheffield $4,700, and the goods returned cost Sheffield $251. (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
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