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Both companies use a perpetual inventory system prepare

Question - On June 10, Tuzun Company purchased $6,850 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $490 on June 11. Damaged goods totaling $350 are returned to Epps for credit on June 12. The fair value of these goods is $75. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Tuzun Company.

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Accounting Basics: Both companies use a perpetual inventory system prepare

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