Question

CULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-4 On June 10, Tutun Company purchased 38,150 of merchandise from Epps Company FOB shipping point, terms 4/10, 1/30. Turun pays the freight costs of $590 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $220. On June 19, Turun pays Epps Company in full less the purchase discount, Both companies use perpetual inventory system. Prepare separate entries for each transaction on the books of Turun Company. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) June 10 June 11 Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,810. (Credit account titles are automatically indented when amount is entered. Do not indent Date Aero Titles and Explanation June 10 (Te record crediale) (To record of merchandise to werd mechanisered June 19

Answer 1

Jounnal entroes in the books oTUrun Cavipany Dade Acaun Telardfaplanalten Debel June 10 vent ony Crdel Accorond payable June 1 nvendora 81so 590 Cash June 1eAccouncts Payable 300 300 June 1Aceounds Payable 7850 314 Carh 7S36 Caplandion JE11ACLO payable = ( 81s0-9 300) Sovedoy7e5od) 314 Cash (97850- $ 314)

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