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,...

70.2K

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

Accounting
1.2K views

Gitano Products operates a job-order costing system and appliesoverhead cost to jobs on the...

Biology
1.2K views

Why is it important to "flatten the curve" by reducing the peak number of infections...

Basic Math
1.2K views

Which of the following is NOT a feature of Postmodernism O Disillusionment O Increasing presence...

Calculus
1.2K views

Math 126 Homework 9 Sects 2 7 2 8 3 12 pts a Find the...

Algebra
1.2K views

You should be able to answer this question after studying Unit 12 a Find all...

Accounting
1.2K views

12A Granite Company purchased a machine costing $137,000, terms 3/10, n/30. The machine was shipped...

Accounting
1.2K views

The policy that any payment in excess of $100,000 needs to be approved by CFO...

Accounting
1.2K views

OVERVIEW OF BUSINESS PROCESSES Table 2-1 lists some of the documents used in the revenue,...

Accounting
1.2K views

enter in "0". Winding Department Direct Materials and Conversion Equivalent Units of Production For...

Accounting
1.2K views

Direct labor and indirect labor are recorded, respectively, to: Group of answer choices Factory Overhead...

Accounting
1.2K views

True/False - Respond either True or False to the following statements. (1 point each) 1....

Accounting
1.2K views

Exercise 8-16 You are the vice president of finance of Blue Corporation, a retail company...