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Scuilli Corporation Purchased $5,000 Worth of Merchandise,terms N/30,from the Zupcic

Question 120

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Scuilli Corporation purchased $5,000 worth of merchandise,terms n/30,from the Zupcic Corporation on June 4.The cost of the merchandise to Zupcic was $3,600.On June 10,Scuilli returned $700 worth of goods to Zupcic for full credit.The goods had a cost of $450 to Zupcic.On June 12,the account was paid in full.Prepare journal entries without explanations to record these transactions in (a)Scuilli's records and (b)Zupcic's records.Assume use of the perpetual inventory system by both companies.
a. Scuilli's records:
Scuilli Corporation purchased $5,000 worth of merchandise,terms n/30,from the Zupcic Corporation on June 4.The cost of the merchandise to Zupcic was $3,600.On June 10,Scuilli returned $700 worth of goods to Zupcic for full credit.The goods had a cost of $450 to Zupcic.On June 12,the account was paid in full.Prepare journal entries without explanations to record these transactions in (a)Scuilli's records and (b)Zupcic's records.Assume use of the perpetual inventory system by both companies. a. Scuilli's records: b. Zupcic's records:
b. Zupcic's records:
Scuilli Corporation purchased $5,000 worth of merchandise,terms n/30,from the Zupcic Corporation on June 4.The cost of the merchandise to Zupcic was $3,600.On June 10,Scuilli returned $700 worth of goods to Zupcic for full credit.The goods had a cost of $450 to Zupcic.On June 12,the account was paid in full.Prepare journal entries without explanations to record these transactions in (a)Scuilli's records and (b)Zupcic's records.Assume use of the perpetual inventory system by both companies. a. Scuilli's records: b. Zupcic's records:

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