On June 10, Metiock Company purchased $7,400 of merchandise from Ivanhoe Company, on account, terms...
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Accounting
On June 10, Metiock Company purchased $7,400 of merchandise from Ivanhoe Company, on account, terms 3/10,n/30. Metlock pays the freight costs of $400 on June 11. Goods totaling $700 are returned to Ivanhoe for credit on June 12 . On June 19. Metlock Company pays Ivanhoe Company in full, less the purchase discount. Both companies use a perpetual inventory system. Your answer is correct. Prepare separate entries for each transaction on the books of Metlock Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are outomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
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