The following transactions occurred in April and May. Both companies use a perpetual inventory system....
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The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Oriole Company purchased merchandise from Pharoah Company for $13,000, terms 2/10, n/30, FOB shipping point. Pharoah had paid $9,000 for the merchandise. 6 The correct company paid freight costs of $420. 8 Oriole Company returned damaged merchandise to Pharoah Company and was given a purchase allowance of $2,000. Pharoah determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost Pharoah $1,385. May 4 Oriole paid the amount due to Pharoah Company in full
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