On June 10, Splish Brothers Company purchased $6,700 of merchandise from Sunland Company, on account, terms 2/10, n/30. Splis Brothers pays the freight costs of $380 on June 11. Goods totaling $700 are returned to Sunland for credit on June 12. On June 19, Splish Brothers Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory syste (a) Prepare separate entries for each transaction on the books of Splish Brothers Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent
On June 10, Splish Brothers Company purchased $6,700 of merchandise from Sunland Company, on account, terms 2/10, n/30. Splis Brothers pays the freight costs of $380 on June 11. Goods totaling $700 are returned to Sunland for credit on June 12. On June 19, Splish Brothers Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory syste (a) Prepare separate entries for each transaction on the books of Splish Brothers Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On June 10, Splish Brothers Company purchased $6,700 of merchandise from Sunland Company, on account, terms 2/10, n/30. Splish
Brothers pays the freight costs of $380 on June 11. Goods totaling $700 are returned to Sunland for credit on June 12. On June 19,
Splish Brothers Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.
(a)
Prepare separate entries for each transaction on the books of Splish Brothers Company. (If no entry is required, select "No Entry" for
the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent
manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
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