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E5-4 On June 10, Purcey Company purchased $9,000 of merchandise from Guyer Com he freight costs of $400 on June 11. Goodst $600 are returned to Guyer for credit on June 12. On June 19, Purcey Company pay Guyer Company in full,less the purchase discount. Both companies use a perpetual ine tory system. Instructions (a) Prepare separate entries for each transaction on the books of Purcey Company. (b) Prepare separate entries for each transaction for Guyer Company. The merchandise purchased by Purcey on June 10 cost Guyer $5,000, and the goods returned cost
E5-5 The adiusted trial balance of Hodges Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $900,000; Freight:-0 $14,000; Sales Returns and Allowances $22,000; and Sales Discounts $13,500. Instructions Prepare the sales section of the income statement.
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