PROBLEM 11 (15%) On June 1 Beavis Company purchased $80,000 of merchandise from Butthead Corp....
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PROBLEM 11 (15%) On June 1 Beavis Company purchased $80,000 of merchandise from Butthead Corp. on account, terms F.O.B. shipping point, 2/10, n/30. Butthead adds transportation costs of $600 onto its invoice. On June 9h Beavis returns $5,000 worth of merchandise and pays the balance due. (Assume the gross method of accounting for purchases is being used) INSTRUCTIONS: 1. Prepare the journal entry Beavis makes for June 1st 2. Prepare the journal entry Beavis makes for June 9h
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