Business, 06.10.2019 05:00 amorenextdoor

On june 10, cullumber company purchased $6,300 of merchandise on account from whispering winds company, fob shipping point, terms 1/10, n/30. cullumber company pays the freight costs of $410 on june 11. damaged goods totaling $300 are returned to whispering winds for credit on june 12. the fair value of these goods is $70. on june 19, cullumber company pays whispering winds company in full, less the purchase discount. both companies use a perpetual inventory system. prepare journal entries for both company separately.

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On june 10, cullumber company purchased $6,300 of merchandise on account from whispering winds compa...