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Answer

Accounting for Purchase

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Problem 1 Inventory Journal Entries Sean needs to record journal entries for various inventory purchases on account and subsequent payments. Record the journal entries using both the gross and net methods. 11/1 Sean purchased 20 tables on account from David’s Place for $4,000 with terms of 2/15, n 30. 11/4 Sean returned 3 tables to David’s Place because they were found defective. 11/12 Sean paid for ten of the tables. 11/15 Sean paid a shipping bill for the tables from UPS for $300. 12/2 Sean paid the balance due to David’s Place for the table purchase.