SW FEDERAL TAXATION 2020 LOOSE W/ACCESS
23rd Edition
ISBN: 9780357251942
Author: Raabe
Publisher: Cengage Learning
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On June 10, Larkspur Company purchased $7,200 of merchandise from Crane Company, on account, terms 3/10, n/30. Larkspur pays
the freight costs of $430 on June 11. Goods totaling $200 are returned to Crane for credit on June 12. On June 19, Larkspur Company
pays Crane Company in full, less the purchase discount. Both companies use a perpetual inventory system.
(a)
Your answer is partially correct.
Prepare separate entries for each transaction on the books of Larkspur Company. (If no entry is required, select "No Entry" for the
account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being
marked incorrect. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem. List all debit entries before credit entries.)
Date
Account Titles and Explanation
June 10
Inventory
June 11
Accounts Payable
Cash
Debit
7,200
430
June…
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