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On June 10, Sheffield Corp. purchased $8,700 of merchandise on account from Concord Company, FOB...

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Accounting

On June 10, Sheffield Corp. purchased $8,700 of merchandise on account from Concord Company, FOB shipping point, terms 310,n30. Sheffield Corp. pays the freight costs of $600 on June 11. Goods totaling $700 are returned to Concord for credit on June 12. On June 19, Sheffield Corp. pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction on the books of Sheffield Corp.. (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 0 for the amounts. Record journal entries in the order presented in the problem.)
Rate Account Titles and Explanation
Debit
Credit
image

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