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Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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Transcribed Image Text:On June 10, Shamrock Company purchased $6,500 of merchandise from Pharoah Company, on account, terms 2/10, n/30. Shamrock
pays the freight costs of $410 on June 11. Goods totaling $800 are returned to Pharoah for credit on June 12. On June 19, Shamrock
Company pays Pharoah 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 Shamrock 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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