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Prepare separate entries for each transaction on the books

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Question - On June 10, Tuzun Company purchased $9,700 of merchandise from Epps Company, FOB shipping point, terms 4/10, n/30. Tuzun pays the freight costs of $580 on June 11. Damaged goods totaling $400 are returned to Epps for credit on June 12. The fair value of these goods is $210. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Prepare separate entries for each transaction on the books of Tuzun Company.

Reference no: EM132095861

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