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ACC 100-1 - Principles of Accounting Not you Quzna arkadto 2 Finish Question On June 10, Diaz Company purchased $8,000 of merchandise on account from Taylor Company FOB shipping point, terms 2/10, 1/30 Diaz pays teh freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Taylor for credit on June 12. Teh fair value of these goods is $70 On June 19, Dlaz pays Taylor Company in full, less teh purchase discount. Both companies use a perpetual inventory system. Teh merchandise purchased by Diaz on June 10 had cost Taylor $4,800 Prepare sales entries Instructions a. Prepare separate entries for each transaction for Taylor Company. Tune b. What are teh NEt sales? c. What accounts are used to record these transactions involved in net sales calculations? 7 A- B 1 III 5 Dr CR 1