Question

On March 20, Shelton Fireworks purchases on account $12,000 of fireworks with a list price of $13,000. Shelton pays the vendor on March 30, which qualifies Shelton for a 2% discount. Shelton uses a perpetual inventory system.
Required
Record all entries associated with Shelton's purchase of the inventory.


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  • CreatedJuly 16, 2015
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