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Prepare separate entries for each transaction on the books

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On June 10, Pais Company purchased $9,000 of merchandise from McGiver Company, terms 3/10, n/30. Pais Company pays the freight costs of $400 on June 11. Goods totaling $600 are returned to McGiver Company for credit on June 12. On June 19, Pais Company pays McGiver Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Problem 1: Prepare separate entries for each transaction on the books of Pais Company

Reference no: EM132824860

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