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.
© 2015 MSA Homework Help All Rights Reserved
Disclaimer: MSA Homework Help provides reference papers to the student and we strongly recommend you not to submit the papers as it is. Please use our solutions as model answer to improve your skills.