On June 10,SheridanCompany purchased $10,000of merchandise on account fromConcordCompany, FOB shipping point, terms2/10, n/30.Sheridanpays the freight costs of $500on June 11. Damaged goods totaling $300are returned toConcordfor credit on June 12. The fair value of these goods is $75. On June 19,SheridanpaysConcordCompany in full, less the purchase discount. Both companies use a perpetual inventory system.

Prepare separate entries for each transaction on the books ofSheridanCompany.(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

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Prepare separate entries for each transaction forConcordCompany. The merchandise purchased bySheridanon June 10 had costConcord$4,700.(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

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(To record credit sale)

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(To record cost of merchandise sold)

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(To record merchandise returned)

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(To record cost of merchandise returned)

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