On May 18 Stanton Electronics purchased, on credit, 1,000 TV sets for $400 each. Stanton plans to

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On May 18 Stanton Electronics purchased, on credit, 1,000 TV sets for $400 each. Stanton plans to resell these TV’s in its store. Stanton paid the supplier on June 30.

Required:
Prepare the necessary journal entry (or entries) on May 18 and June 30.
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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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