On June 10, Sheffield Corp. purchased $8,700 of merchandise on account from Concord Company, FOB...
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Accounting
On June Sheffield Corp. purchased $ of merchandise on account from Concord Company, FOB shipping point, terms Sheffield Corp. pays the freight costs of $ on June Goods totaling $ are returned to Concord for credit on June On June Sheffield Corp. pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction on the books of Sheffield Corp.. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.
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Debit
Credit
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