Question

On March 20, Shelton Fireworks purchases on account $10,000 of fireworks. On March 25, Shelton returns $1,000 of the merchandise to the vendor. Shelton then pays the remaining bill, less a 3% discount for early payment, on March 30.
Required
Record all entries associated with the purchase of the inventory assuming that Shelton uses a periodic inventory system.


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  • CreatedJuly 16, 2015
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