Both companies use a perpetual inventory system

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On June 10, Purcey Company purchased $6,000 of merchandise from Guyer Company, terms 3/10, n/30. Purcey pays the freight costs of $430 on June 11. Goods totaling $700 are returned to Guyer for credit on June 12. On June 19, Purcey Company pays Guyer Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Prepare separate entries for each transaction for Guyer Company. The merchandise purchased by Purcey on June 10 cost Guyer $2,430, and the goods returned cost Guyer $260.

Reference no: EM13754985

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