On June 10 , Valore Electronics purchased $8,000 of merchandise on account from Harrah Circuits,...
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On June 10 , Valore Electronics purchased $8,000 of merchandise on account from Harrah Circuits, FOB shipping point, terms 3/10,n/30. Valore pays the freight costs of $400 on June 11. Damaged goods totaling \$300 are returned to Harrah for credit on June 12. The net realizable value of these goods is $70. On June 19, Valore pays Harrah in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions a) Prepare separate entries for each transaction on the books of Valore Electronics. b) Prepare separate entries for each transaction for Harrah Circuits. The merchandise purchased by Valore on June 10 had cost Harrah \$4,800
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