Prepare separate entries for each transaction for Epps Company. The merchandise
ID: 2483376 • Letter: P
Question
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,750
I have also attached part A just in case you need the info but I need the answers for part B
Exercise 5-4 (Part level Submission) Exercise 5-4 On June 10, Tuzun Company purchased $9,350 of merchandise from Epps Company, FOB shipping point, terms 4/10, n/30. Tuzun pays the freight costs of $520 on June 11. Damaged goods totaling $400 are returned to Epps for credit on June 12. The fair value of these goods is $220. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system (a) Your answer is correct. Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 10 Inventory 9350 Accounts Payable 9350 June 11|-| | Inventory 520 Cash 520 June 12Accounts Payable 400 Inventory 400 June 19Accounts Payable 8950 Cash 8592 Inventory 358Explanation / Answer
Answer:Part B
10 june
Dr Accounts Receivable 9,350
Cr Sales 9,350
Dr Cost of Goods Sold 4750
Cr Merchandise Inventory 4750
12 june
Dr Sales Returns and Allowances 400
Cr Accounts Receivable 400
Dr Merchandise Inventory 220
Cr Cost of Goods Sold 220
19 june
Dr Cash 8592
Dr Sales Discounts 358
Cr Accounts Receivable 8950