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On June 10, Teal Mountain Company purchased $6,900 of merchandise from Sandhill Company, on account, terms 2/10, 1/30. Teal Mountain pays the freight costs of
On June 10, Teal Mountain Company purchased $6,900 of merchandise from Sandhill Company, on account, terms 2/10, 1/30. Teal Mountain pays the freight costs of $390 on June 11. Goods totaling $500 are retumed to Sandhill for credit on June 12, On June 19, Teal Mountain Company pays Sandhill Company in full, less the purchase discount. Both companies use a perpetual inventary system. Prepare separate entries for each transaction on the books of Teal Mountain Company. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10 Inventory 6900 Accounts Payable 6900 June 11 Inventory 380 Cash 380 June 12 counts Payable 500 Inventory 500 June 19 counts Payable 6400 Inventory 12B Cash 6272 Presare separate entries for each transaction for Sandhill Company. The merchandise purchased by Teal Mountain on June 10 cost Sandhill S2,350, and the goods returned cast Sandhill $270. (If no entry is required, select "No entry for the account tities and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation June 10 Accounts Receivable 6900 6900 Sales Revenue To record credt salas Cost of Goods Sold inventory To record cost of cocos sold To record credit sala) To record cost of goods returned)
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