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Pina Colada Ltd. and Flint Ltd. incurred the following merchandise transactions in June. Prepare journal entries for the last transaction both (1) a perpetual inventory
Pina Colada Ltd. and Flint Ltd. incurred the following merchandise transactions in June.
Prepare journal entries for the last transaction both (1) a perpetual inventory system (2) a periodic inventory system is used. both for the seller and the buyer JUST THE LAST ONT JUNE 19
| June | 10 | Pina Colada sold $5,300 of merchandise to Flint, terms 1/10, n/30, FOB shipping point. The merchandise cost Duvall $3,180 when it was originally purchased. | |
| 11 | Freight costs of $280 were paid by the appropriate company. | ||
| 12 | Pina Colada received damaged goods returned by Flint for credit. The goods were originally sold for $400; the cost of the returned merchandise was $240. The merchandise was not returned to inventory. | ||
| 19 | Pina Colada received full payment from Flint. |
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