Respuesta :
Answer:
Explanation:
The journal entries are shown below:
On the books of Tuzun Company:
On June 10
Merchandise Inventory A/c $8,000
To Accounts payable A/c $8,000
(Being inventory purchased on credit)
On June 11
Merchandise inventory A/c Dr $400
To Cash A/c $400
(Being freight is paid by cash)
On June 12
Account payable A/c Dr $300
To Merchandise inventory A/c $300
(Being returned inventory is recorded)
On June 19
Accounts payable A/c Dr $7,700 ($8,000 - $300)
To Cash A/c $7,546
To Merchandise Inventory A/c $154 ($8,000 - $300) × 2%
(Being due amount is paid and the remaining balance is credited to the cash account)
On the books of Epps Company:
On June 10
Accounts receivable A/c Dr $8,000
To Service revenue A/c $8,000
(Being service provided is recorded)
Cost of goods sold A/c Dr $4,800
To Merchandise inventory A/c $4,800
(Being inventory sold at cost)
On June 12
Accounts receivable A/c Dr $300
To Service revenue A/c $300
(Being returned inventory is recorded)
Cost of goods sold A/c Dr $70
To Merchandise inventory A/c $70
(Being fair value is recorded)
On June 19
Cash A/c Dr $7,546
Sales discount A/c Dr $156
To Accounts receivable A/c $7,700
(Being payment is received)
(a) Preparation of the separate entries for each transaction on the books of Tuzun Company.
On the books of Tuzun Company:
June 10
Dr Merchandise Inventory $8,000
Cr Accounts payable $8,000
(Being merchandise inventory purchased )
June 11
Dr Merchandise inventory $400
Cr Cash $400
(Being freight charges incurred)
June 12
Dr Account payable $300
Cr Merchandise inventory $300
(Being damaged goods returned)
June 19
Dr Accounts payable $7,700
($8,000-$300)
Cr Merchandise Inventory $154
(2%×$7,700)
Cr Cash $7,546
($7,700-$154)
(b) Preparation of the separate entries for each transaction for Epps Company.
On the books of Epps Company:
June 10
Dr Accounts receivable $8,000
Cr Service revenue $8,000
(Being sales recorded)
Dr Cost of goods sold $4,800
Cr Merchandise inventory $4,800
(Being cost of goods sold recorded)
June 12
Dr Accounts receivable $300
Cr Service revenue $300
(Being damaged goods returned)
Dr Cost of goods sold $70
Cr Merchandise inventory $70
(Being cost of goods sold recorded)
June 19
Dr Cash $7,546
($7,700-$156)
Dr Sales discount $156
(2×$7,700)
Cr Accounts receivable $7,700
($8,000+$300)
(Being payment received)
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