70.2K

Verified Solution

Link Copied!

On June $10,$ Tamarisk Company purchased $$6,800$ of merchandise from Carla Vista Company, on account, terms $\frac{4}{10},\frac{n}{30}.$ Tamarisk

pays the freight costs of $$430$ on June $11.$ Goods totaling $$300$ are returned to Carla Vista for credit on June $12.$ On June $19,$ Tamarisk

Company pays Carla Vista 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 Tamarisk Company. $($If no entry is required, select $"$No Entry" for the

account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent

manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

$($b$)$ Prepare separate entries for each transaction for Carla Vista Company. The merchandise purchased by Tamarisk on June $10$ cost

Carla Vista $$2,700,$ and the goods returned cost Carla Vista $$230.($If no entry is required, select $"$No entry" for the account titles and

enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal

entries in the order presented in the problem. List all debit entries before credit entries.$)$

$($To record credit sale$)$

Answer & Explanation Solved by verified expert

See Answer