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  3. on june 10 , sunland company purchased $8,150 of m

On June 10 , Sunland Company purchased $8,150 of merchandise on account from Grouper Company,...

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Accounting

imageimage On June 10 , Sunland Company purchased $8,150 of merchandise on account from Grouper Company, FOB shipping point, terms 3/10, n/30. Sunland Company pays the freight costs of $420 on June 11 . Goods totaling $650 are returned to Grouper for credit on June 12. On June 19, Sunland Company pays Grouper 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 Sunland Company. (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.) Prepare separate entries for each transaction for Grouper Company. The merchandise purchased by Sunland Company on June 10 cost Grouper $4,700, and the goods returned cost Grouper $265. (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 ontrioc in tho nrdor nrocented in the nrohlom 1

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