Jun 4 Willem Corporation purchased $4,000 worth of merchandise, terms 2/10, n/30 from Cate Corporation. The cost of the merchandise to Cate was $2,600.10 Willem returned $700 worth of goods to Cate for full credit. The goods had a cost of $450 to Cate and were placed back into inventory.26 Willem paid the account.InstructionsPrepare the journal entries to record these transactions in
a. Willem's records and
b. Cate's records. Both companies use the perpetual inventory system.

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The Answer of Jun 4 Willem Corporation purchased $4,000 worth of merchandise, terms 2/10, n/30 from Cate Corporation. The cost of the merchandise to Cate was $2,600.10 Willem returned $700 worth of goods to Cate for full credit. The goods had a cost of $450 to Cate and were placed back into inventory.26 Willem paid the account.InstructionsPrepare the journal entries to record these transactions in
a. Willem's records and
b. Cate's records. Both companies use the perpetual inventory system.

Jun 4 Willem Corporation Purchased $4,000 Worth of Merchandise, Terms