On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. How would Flores record the sale on November 10? A.) Accounts receivable 7,840Sales 7,840B.) Accounts receivable 8,000Sales 8,000C.) Accounts receivable 7,840Cash discounts 160Sales 8,000D.) Accounts receivable 8,000Cash discounts 160Sales 7,840
On June 10, Purcey Company purchased $6,000 of merchandise from Guyer Company, terms 3/10, n/30. Purcey pays the freight costs of $430 on June 11. Goods totaling $700 are returned to Guyer for credit on June 12. On June 19, Purcey Company pays Guyer Company in full, less the purchase discount. Both companies use a perpetual inventory system.
On June 10, Purcey Company purchased $6,000 of mer
Part A. Prepare separate entries for each transaction on the books of Purcey Company
Part B. Prepare separate entries for each transaction for Guyer Company. The merchandise purchased by Purcey on June 10 cost Guyer $2,430, and the goods returned cost Guyer $260.
