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Business, 16.03.2020 21:28 shafferakr6

On June 10, Concord Corporation purchased $8,050 of merchandise on account from Sarasota Company, FOB shipping point, terms 1/10, n/30. Concord pays the freight costs of $510 on June 11. Damaged goods totaling $450 are returned to Sarasota for credit on June 12. The fair value of these goods is $80. On June 19, Concord pays Sarasota Company in full, less the purchase discount. Both companies use a perpetual inventory system.

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On June 10, Concord Corporation purchased $8,050 of merchandise on account from Sarasota Company, FO...
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