Problem 6-2 Journalize merchandise transactions on both buyer’s and seller’s books (L.O. 1,3
Problem 6-2 Journalize merchandise transactions on both buyer's and seller's books (L.O. 1,3, 4) Mars Musical Instrument Company and Tiger Company engaged in the following trans- actions with each other during July 2018: 2 Mars Musical Instrument Company purchased merchandise on account with a list price of $54,000 from Tiger Company. The terms were 3/EOM, n/60, FOB shipping point, freight collect. Trade discounts of 15%, 10 % , and 5% were granted by Tiger Company. 5 The buyer paid the freight bill on the purchase of July 2, $1,250. 6 The buyer returned damaged merchandise with an invoice price of $2,800 to the seller and received full credit. July The buyer and seller journal entries have to be separated from each other and labeled as Buyer or Seller. Thank you. On the last day of the discount period, the buyer paid the seller for the merchandise. Prepare all the necessary journal entries for the buyer and the seller Required I
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