On June 10, Marigold Company purchased $8,150 of merchandise on account from Grouper Company, FOB shipping point. terms 3/10/30. Marigold pays the freight costs of $420 on June 11. Goods totaling $650 are returned to Grouper for credit on June 12. On June 19, Marigold pays Grouper Company in full, less the discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Grouper Company. The merchandise purchased by Marigold on June 10 cost Grouper $4,700, and the goods returned cost Grouper $265. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry": amounts. Record journal entries in the order presented in the problem.) the account titles and enter O for the Account Titles and Explanation Daje # (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) Debit Credit
On June 10, Marigold Company purchased $8,150 of merchandise on account from Grouper Company, FOB shipping point. terms 3/10/30. Marigold pays the freight costs of $420 on June 11. Goods totaling $650 are returned to Grouper for credit on June 12. On June 19, Marigold pays Grouper Company in full, less the discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Grouper Company. The merchandise purchased by Marigold on June 10 cost Grouper $4,700, and the goods returned cost Grouper $265. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry": amounts. Record journal entries in the order presented in the problem.) the account titles and enter O for the Account Titles and Explanation Daje # (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ef 504.
![On June 10, Marigold Company purchased $8,150 of merchandise on account from Grouper Company, FOB shipping point.
terms 3/10/30. Marigold pays the freight costs of $420 on June 11. Goods totaling $650 are returned to Grouper for credit on June
12. On June 19, Marigold pays Grouper Company in full, less the discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction for Grouper Company. The merchandise purchased by Marigold on June 10 cost
Grouper $4,700, and the goods returned cost Grouper $265. (Credit account titles are automatically indented when amount
is entered. Do not indent manually. If no entry is required, select "No Entry":
amounts. Record journal entries in the order presented in the problem.)
the account titles and enter O for the
Account Titles and Explanation
Daje
#
(To record credit sale)
(To record cost of merchandise sold)
(To record merchandise returned)
(To record cost of merchandise returned)
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7218c29-6431-48be-a4e5-14baddb06d26%2Fecfeae90-863e-40b6-a53b-7d1fbaa54623%2Fjj7h87_processed.png&w=3840&q=75)
Transcribed Image Text:On June 10, Marigold Company purchased $8,150 of merchandise on account from Grouper Company, FOB shipping point.
terms 3/10/30. Marigold pays the freight costs of $420 on June 11. Goods totaling $650 are returned to Grouper for credit on June
12. On June 19, Marigold pays Grouper Company in full, less the discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction for Grouper Company. The merchandise purchased by Marigold on June 10 cost
Grouper $4,700, and the goods returned cost Grouper $265. (Credit account titles are automatically indented when amount
is entered. Do not indent manually. If no entry is required, select "No Entry":
amounts. Record journal entries in the order presented in the problem.)
the account titles and enter O for the
Account Titles and Explanation
Daje
#
(To record credit sale)
(To record cost of merchandise sold)
(To record merchandise returned)
(To record cost of merchandise returned)
Debit
Credit
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