Reference no: EM132484506
Information related to Culver Co. is presented below.
1.On April 5, purchased merchandise on account from Sage Hill Company for $41,300, terms 2/10, net/30, FOB shipping point.
2.On April 6, paid freight costs of $900 on merchandise purchased from Sage Hill.
3.On April 7, purchased equipment on account for $40,200.
4.On April 8, returned damaged merchandise to Sage Hill Company and was granted a $6,100 credit for returned merchandise.
5.On April 15, paid the amount due to Sage Hill Company in full.
Question 1: Prepare the journal entries to record these transactions on the books of Culver Co. under a perpetual inventory system.
Question 2: Assume that Culver Co. paid the balance due to Sage Hill Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
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