Scuilli Company purchased $5,000 worth of merchandise, terms n/30, from Zupcic Company 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 entries in journal form 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:

Question

Scuilli Company purchased $5,000 worth of merchandise, terms n/30, from Zupcic Company 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 entries in journal form 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:

Quizplus · Accepted Answer

The Answer of Scuilli Company purchased $5,000 worth of merchandise, terms n/30, from Zupcic Company 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 entries in journal form 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:

Scuilli Company Purchased $5,000 Worth of Merchandise, Terms N/30, from Zupcic