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  3. on june 10, whispering winds corp. purchased $7,40

On June 10, Whispering Winds Corp. purchased $7,400 of merchandise on account from Martinez Company,...

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Accounting

On June 10, Whispering Winds Corp. purchased $7,400 of merchandise on account from Martinez Company, FOB shipping point, terms 1/10, n/30. Whispering Winds pays the freight costs of $460 on June 11. Damaged goods totaling $300 are returned to Martinez for credit on June 12. The fair value of these goods is $70. On June 19, Whispering Winds pays Martinez 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 Whispering Winds 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.) Date Account Titles and Explanation Debit Credit

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