On June 10, meridith Company opurchased $8,000 of merchandise from Leinert Company, FOB shipping point,...
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On June 10, meridith Company opurchased $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 fair 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 leinert Company. Prepare separa
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