Business, 04.07.2020 14:01 AM28

Information related to Tamarisk, Inc. is presented below. 1. On April 5, purchased merchandise on account from Culver Company for $38,900, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $800 on merchandise purchased from Culver.3. On April 7, purchased equipment on account for $39,900.4. On April 8, returned damaged merchandise to Culver Company and was granted a $5,000 credit for returned merchandise.5. On April 15, paid the amount due to Culver Company in full. Required:a. Prepare the journal entries to record these transactions on the books of Tamarisk, Inc. under a perpetual inventory system. b. Assume that Tamarisk, Inc. paid the balance due to Culver Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

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Information related to Tamarisk, Inc. is presented below. 1. On April 5, purchased merchandise on ac...

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