Dec 6: Bought inventory from a new supplier, Bailey Corp (Vendor# 210-25), on credit for the gross amount of $70,000 (invoice #CC1206). Bailey’s terms for repayment are 3/10, n/30. Dec 11: Bought inventory items from Nelson Industries on account for the gross amount of $25,000 (invoice #NI1211). Terms 2/30, n/60. Dec 13: Bought inventory items from Centennial, Inc. on account for the gross amount of $50,000 (invoice #TH1213). Terms 3/15, n/30 Dec 18: Purchased inventory items on account from Bailey Corp. for a gross amount of $25,000 (invoice #CC1218). Terms 3/10, n/30.

Dec 6: Bought inventory from a new supplier, Bailey Corp (Vendor# 210-25), on credit for the gross amount of $70,000 (invoice #CC1206). Bailey’s terms for repayment are 3/10, n/30. Dec 11: Bought inventory items from Nelson Industries on account for the gross amount of $25,000 (invoice #NI1211). Terms 2/30, n/60. Dec 13: Bought inventory items from Centennial, Inc. on account for the gross amount of $50,000 (invoice #TH1213). Terms 3/15, n/30 Dec 18: Purchased inventory items on account from Bailey Corp. for a gross amount of $25,000 (invoice #CC1218). Terms 3/10, n/30.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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