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Prepare the journal entries for Black company

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Question - On January 10, BLACK Company purchased $9000 of merchandise from BLANC Company, FOB shipping point, terms 3/10, n/30. BLACK pays the freight costs of $400 on June 11. Damaged goods of $400 were returned to Blanc for credit on June 12. The fair value of the goods is $80. On June 19, BLACK pays BLANC in full, less the purchase discount. Both companies use the perpetual inventory system. Prepare the journal entries for Black company.

Reference no: EM132515137

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