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Question 3 On June 10, Pina Colada Corp. purchased $7,800 of merchandise on account from Flint Company, FOB shipping point, terms 2/10, n/30. Pina Colada
Question 3 On June 10, Pina Colada Corp. purchased $7,800 of merchandise on account from Flint Company, FOB shipping point, terms 2/10, n/30. Pina Colada pays the freight costs of $420 on June 11. Damaged goods totaling $300 are returned to Flint for credit on 1ne 12. The fair al eofthese goods s 70 June 19, Pina Colada pays Flint Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Pina Colada Corp.. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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