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On June 10, Marin Company purchased $6.200 of merchandise from Cullumber Company, on account, terms 4/10, n/30. Marin pays the freight costs of $400
On June 10, Marin Company purchased $6.200 of merchandise from Cullumber Company, on account, terms 4/10, n/30. Marin pays the freight costs of $400 on June 11. Goods totaling $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Cullumber Company in full, less the purchase discount. Both companies use a perpetual inventory system.
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
7th edition
978-0077632427, 77632427, 78025656, 978-0078025655
