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Record purchase and sales transactions

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Question - Record purchase and sales transactions and determine merchandise inventory-perpetual system.

Dec. 3 Jun Company sold merchandise to Valeriya Co. for $33,000, terms 2/10, n/30, FOB destination. This merchandise cost Jun Company $15,000.

Dec. 4 The correct company paid freight charges of $330.

Dec. 8 Valeriya Co. returned unwanted merchandise to Jun. The returned merchandise had a sales price of $1,300 and a cost of $930. It was restored to inventory.

Dec. 13 Jun Company received the balance due from Valeriya Co.

Reference no: EM133134709

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