galut, inancial& Managerial Accounting, 2e actice Financial & Managerial Account

Question

galut, inancial& Managerial Accounting, 2e actice Financial & Managerial Accounting (ACCT 2100 & 211 Assignment Gradebook ORION Downloadable eTextbook nment Exercise 5-4 NTER VERSION END BACK On June 10, Tuzun Company purchased $6,450 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $480 on June 11. Damaged goods totaling $350 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Your answer is partially correct. Try again. Prepare separate entries for each transaction on the books of Tuzun Company. (Credit account when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record titles are automatically indented journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit une 10 Inventory 6,450 6,450 une 11 Inventory 480 Cash 480 350 une 12TAccounts Payable 350 Inventory 6,411

Explanation / Answer

IN THE BOOKS OF TUZUN 10-Jun Inventory Dr 6450     Accounts payable 6450 11-Jun Inventory Account Dr. 480 Cash 480 11-Jun Accounts recievable Dr. 350     Inventory Account 350 19-Jun Account Payable Dr. 6100      cash 5978      Inventory 122 IN THE BOOKS OF EPPS COMPANY 10-Jun Accounts receivable Dr/ 6450       Sales revenue 6450 10-Jun Cost of goods sold 5500     Inventory 5500 11-Jun sales return andn alowance Dr. 350     Accounts recievable 350 11-Jun Inventory Dr. 70     Cost of Goods sold 70 19-Jun Cash 5978 Sales discount   122      Accounts receivable 6100

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