Business, 18.03.2020 00:26 paige1616

On June 10, Blossom Company purchased $6,000 of merchandise from Sunland Company, terms 2/10, n/30. Blossom Company pays the freight costs of $350 on June 11. Goods totaling $200 are returned to Sunland Company for credit on June 12. On June 19, Blossom Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Required:

1. Prepare separate entries for each transaction on the books of Blossom Company.

2. Prepare separate entries for each transaction for Sunland Company. The merchandise purchased by Blossom Company on June 10 cost Sunland Company $ 2,000, and the goods returned cost Sunland Company $ 200.

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On June 10, Blossom Company purchased $6,000 of merchandise from Sunland Company, terms 2/10, n/30....

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