BONUS QUESTION 2 (10 Points) On June 10, Meridith Company purchased $8,000 of merchandise from...
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BONUS QUESTION 2 (10 Points) On June 10, Meridith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point, terms 2/10, n/30. Meridith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12 The scrap value of these goods is $150. On June 19, Meridith pays Leinert Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Meredith Company (buyer). Prepare separate entries for each transaction for Leinert Company The merchandise purchased by Meredith on June 10 had cost Leinert $5,000. Meridith Company Leinert Company
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