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Question: On June 10, Lippizan Crab Shack purchased $6,000 of merchandise from Bristol Company FOB shipping point, terms 2/10, n/30. Lippizan pays the freight costs of $400 on June 11. Dam- aged goods totaling $300 are returned to Bristol for credit on June 12. The scrap value of these goods is $150. On June 19, Lippizan pays Bristol Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions
(a) Prepare separate entries for each transaction on the books of Lippizan.
(b) Prepare separate entries for each transaction for Bristol Company. The merchandise pur- chased by Lippizan on June 10 had cost Bristol $3,000.
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