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Q6: June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300. 12 Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. 12 Black paid the account in full. Instructions Prepare the journal entries to record these transactions in Hayes' records. Assume use of the perpetual inventory system for both companies.

Q6: June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300. 12 Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. 12 Black paid the account in full. Instructions Prepare the journal entries to record these transactions in Hayes' records. Assume use of the perpetual inventory system for both companies.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q6: June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300. 12 Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. 12 Black paid the account in full. Instructions Prepare the journal entries to record these transactions in Hayes' records. Assume use of the perpetual inventory system for both companies.
Transcribed Image Text:Q6: June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300. 12 Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. 12 Black paid the account in full. Instructions Prepare the journal entries to record these transactions in Hayes' records. Assume use of the perpetual inventory system for both companies.
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