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On June 10, Teal Mountain Company purchased $6,900 of merchandise from Sandhill Company, on account, terms 2/10, n/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, n/30, Teal Mountain pays the freight costs of $380 on June 11. Goods totaling $500 are returned 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 imventory system. Prepare separate entries for each transaction for Sandhill Compariy. The merchandise purchased by Teal Mountain on June 10 cost Sandhill $2,350, and the goods returned cost Sandhill $270. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manualik Record journal entries in the order presented in the problem. List all debit entries before credit entries) lan11 June 12 Sales Raturns and Allowances 500 Accounts Recolvable (To record credit for receipt of goods returned) Cost ol Coods Sold (To record cost of goods returned) Accounts Recelvable 6400
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