Question
Ques: 2 Information related to Hashem Co. is presented below. 1. On September 6, purchased merchandise from Muspan Company for $60,000, terms 1/10, net/30, FOB
Ques: 2 Information related to Hashem Co. is presented below. 1. On September 6, purchased merchandise from Muspan Company for $60,000, terms 1/10, net/30, FOB shipping point. 2. On September 8, paid freight costs of $1,000 on merchandise purchased from Muspan. 3. On September 9, returned damaged merchandise to Muspan Company and was granted a $2,000 credit for returned merchandise. 4. On September 26, paid the amount due to Muspan Company in full. Instructions: i. Prepare the journal entries to record these transactions on the books of Hashem Co. under a perpetual inventory system. ii. Assume that Hashem Co. paid the balance due to Muspan Company on September 16 instead of September 26. Prepare the journal entry to record this payment please do Instructions: I and ii..thank you
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