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On june 10 tuzun company purchased 8700 of merchandise from

Question - Prepare separate entries for each transaction on the books of Tuzun Company?

On June 10, Tuzun Company purchased $8,700 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $540 on June 11. Damaged goods totaling $400 are returned to Epps for credit on June 12. The fair value of these goods is $250. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.

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Accounting Basics: On june 10 tuzun company purchased 8700 of merchandise from

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Accounting Basics: On june 10 tuzun company purchased 8700 of merchandise from

Reference No:- TGS02892656

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