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Unformatted text preview: inventory system. 1) On June 10, Bulldawg Company purchased $8,000 of merchandise from Harry Company, FOB shipping point, terms 2/10, n/30. Bulldawg pays the freight costs of $400 on June 11. Goods totaling $300 are returned to Harry for credit on June 12. The cost of these goods is $150. On June 19, Bulldawg pays Harry Company in full, less the purchase discount. Both companies use a perpetual inventory system. a. Prepare separate entries for each transaction on the books of Bulldawg Company. b. Prepare separate entries for each transaction for Harry Company. The merchandise purchased by Bulldawg on June 10 had cost Harry $5,000....
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This note was uploaded on 02/28/2011 for the course ACC 211 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.
- Spring '11