Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on june 10 , valore electronics purchased $8,000 o

On June 10 , Valore Electronics purchased $8,000 of merchandise on account from Harrah Circuits,...

80.2K

Verified Solution

Question

Accounting

image

On June 10 , Valore Electronics purchased $8,000 of merchandise on account from Harrah Circuits, FOB shipping point, terms 3/10,n/30. Valore pays the freight costs of $400 on June 11. Damaged goods totaling \$300 are returned to Harrah for credit on June 12. The net realizable value of these goods is $70. On June 19, Valore pays Harrah in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions a) Prepare separate entries for each transaction on the books of Valore Electronics. b) Prepare separate entries for each transaction for Harrah Circuits. The merchandise purchased by Valore on June 10 had cost Harrah \$4,800

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Programming
1.2K views

Assignment Details The project involves studying the IT infrastructure of a relevant information system (IS)/ information technology...

Mechanical Engineering
1.2K views

Design a Matlab program for the Brayton Cycle. The program would be for a standard air...

Psychology
1.2K views

write a half-page paper, How did the work of Mary Leakey contribute to our knowledge of...

Biology
1.2K views

estion 16 Points 1 hat was the reason behind the law that suspended Chinese immigration...

Physics
1.2K views

A piece of wire is cut into three equal parts and these pieces are kept...

Geometry
1.2K views

Part A Draw a sketch of a line that appears parallel to and that passes...

Basic Math
1.2K views

Solve for x t i t x 7 3 0 x 7 x 1 2...

Basic Math
1.2K views

Consider an array stored in memory from address 6 6000 int array 4 4 0...

Accounting
1.2K views

The Carla Vista Mills Company has just disclosed the following financial information in...

Accounting
1.2K views

Alvis Construction Supply Company has a department that manufactures wood trusses (wood frames used in...

Accounting
1.2K views

Imagine you are the accounting manager for a manufacturing company's fixed assets department. The CFO...

Finance
1.2K views

You created a line of bandaids with the pictures of famous entrepreneurs (Elon Musk, Steve...