Boucher Corporation uses the perpetual inventory system. Its transactions during June 2015 are as follows:
|
June |
1 |
Boucher purchased $1,200 of merchandize inventory from a supplier for terms 1/10, n 60. |
|
3 |
Boucher sold all of the inventory purchased on June 1 for $1,500 on credit to Wright Inc. for terms 2/10, net 30. |
|
|
8 |
Wright returned $800 of defective merchandize purchased June 3 (cost to Boucher: $600). |
|
|
13 |
Boucher received payment from Wright Inc. for the balance owed. |
Required: Prepare journal entries to record the above transactions. Include general ledger account numbers and brief descriptions.
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