Information related to Grouper Co. is presented below. 1. On April 5, purchased merchandise on...
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Accounting
Information related to Grouper Co. is presented below. 1. On April 5, purchased merchandise on account from Sage Hill Company for $35,500, terms 3/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $790 on merchandise purchased from Sage Hill. 3. On April 7, purchased equipment on account for $28,300. 4. On April 8, returned $6,000 of merchandise to Sage Hill Company. 5. On April 15, paid the amount due to Sage Hill Company in full. Prepare the journal entries to record these transactions on the books of Grouper Co. under a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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