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  3. on june 10, wildhorse co. purchased $ 6,700 of mer

On June 10, Wildhorse Co. purchased $ 6,700 of merchandise on account from Bridgeport Company,...

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Accounting

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On June 10, Wildhorse Co. purchased $ 6,700 of merchandise on account from Bridgeport Company, FOB shipping point, terms 1/10, n/30. Wildhorse Co. pays the freight costs of $ 510 on June 11. Damaged goods totaling $500 are returned to Bridgeport for credit on June 12. The fair value of these goods is $ 80. On June 19, Wildhorse Co. pays Bridgeport Company in full, less the purchase discount. Both companies use a perpetual inventory system.

part b: Prepare separate entries for each transaction for Bridgeport Company. The merchandise purchased by Wildhorse Co. on June 10 had cost Bridgeport $ 5,100.

Prepare separate entries for each transaction for Bridgeport Company. The merchandise purchased by Wildhorse Co. on June 10 had cost Bridgeport $ 5,100. (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 O for the amounts. Record journal entries in the order presented in the problem.) Debit Credit June 10 6700 | Accounts Receivable Sales Revenue 6700 (To record credit sale) June 10 Cos of Goods Sold Inventory To record cost of merchandise sold) June 12 Sales Returns and Allowi 500 500 Accounts Receivable

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