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Two companies do business with one another: Acme Company purchases merchandise from Zeke Company. Following...

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Accounting

Two companies do business with one another: Acme Company purchases merchandise from Zeke Company.

Following is what happened in July 2014.

July 3 Acme purchased $30,000 of merchandise from Zeke under terms 2/10, n/30, FOB destination,

freight prepaid.

July 4 Zeke Company paid freight charges for the July 3 sale of $1,000.

July 7 Acme received an allowance of $1,200 for damaged goods.

July 8 Acme returned $1,150 of goods because they were of low quality.

July 12 Zeke Company received payment in full from Acme company.

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