On June 10, Tuzun Company purchased $7,950 of merchandise from Epps Company, FOB shipping point, terms 2/10, 1/30. Turun pays the freight costs of $590 on June 11. Damaged goods totaling $450 are returned to Epps for credit on June 12. The fair value of these goods is $80. On June 19, Turun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. The merchandise purchased by Tuzun on June 10 had cost Epps $5,100. You should be able to prepare journal entries for Tuzun and Epps. Derinci Pernetual Other items Error and Bank Journal Entries 76 Petty Cash: 77 May 1, Your Business establishes a Petty cash fund of $100. On June 1 you increase the fund by $50 78 May Receipts: 79 Delivery Expense $31.25 80 Postage Expense $39 81 Misc Expense $25 82 Cash in the Box $1.75 83 84 June Receipts: 85 Delivery Expense $21 86 Entertainment Expense $51 87 Misc Expenses $24.75 88 Cash in the Box $3.25 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 Periodic Perpetual Other Items Error and Bank Journal Entries