On June 10, Novak Corp. purchased $8,350 of merchandise on account from Sarasota Company, FOB shipping point, terms 2/10, n/30. Novak pays the freight costs of $560 on June 11. Damaged goods totaling $350 are returned to Sarasota for credit on June 12. The fair value of these goods is $80. On June 19, Novak pays Sarasota Company in full, less the purchase discount. Both companies use a perpetual inventory system.
(a) Prepare separate entries for each transaction on the books of Tuzun Company.
(b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
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On June 10, Novak Corp. purchased $8,350 of merchandise on account from Sarasota Company, FOB shippi...
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