On June 10, Purcey Company purchased $9,000 of merchandise from Guyer Company, terms 3/10, n/30....
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Accounting
On June 10, Purcey Company purchased $9,000 of merchandise from Guyer Company, terms 3/10, n/30. Purcey pays the freight costs of $400 on June 11. Goods totaling $600 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.
| (a) | Prepare separate entries for each transaction on the books of Purcey Company. |
| (b) | Prepare separate entries for each transaction for Guyer Company. The merchandise purchased by Purcey on June 10 cost Guyer $5,000, and the goods returned cost Guyer $310. |
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