Business, 09.03.2021 05:20 JeroMii

On June 10, Wildhorse Company purchased $7,000 of merchandise from Sandhill Company, terms 3/10, n/30. Wildhorse Company pays the freight costs of $430 on June 11. Goods totaling $300 are returned to Sandhill Company for credit on June 12. On June 19, Wildhorse Company pays Sandhill Company in full, less the purchase discount. Both companies use a perpetual inventory system. Required:

a. Prepare separate entries for each transaction on the books of Wildhorse Company.

b. Prepare separate entries for each transaction for Sandhill Company. The merchandise purchased by Wildhorse Company on June 10 cost Sandhill Company $2,180, and the goods returned cost Sandhill Company $200.

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On June 10, Wildhorse Company purchased $7,000 of merchandise from Sandhill Company, terms 3/10, n/3...

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