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On June 10, Sheridan Company purchased $10,000 of merchandise on account from Concord Company, FOB shipping point, terms 2/10,n/30. Sheridan pays the freight costs of
On June 10, Sheridan Company purchased $10,000 of merchandise on account from Concord Company, FOB shipping point, terms 2/10,n/30. Sheridan pays the freight costs of $500 on June 11. Goods totaling $300 are returned to Concord for credit on June 12. On June 19, Sheridan pays Concord Company in full, less the discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Sheridan Company. (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 for the amounts.) Date Account Titles and Explanation Debit Credit (To record merchandise returned) (To record cost of merchandise returned)
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