Presented below are transactions related to Sheridan, Inc. Sheridan uses the periodic inventory method. May 10 Purchased goods billed at $16,700 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $10,600 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $12,100 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Presented below are transactions related to Sheridan, Inc. Sheridan uses the periodic inventory method. May 10 Purchased goods billed at $16,700 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $10,600 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $12,100 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Presented below are transactions related to Sheridan, Inc. Sheridan uses the periodic inventory method.
| May 10 | Purchased goods billed at $16,700 subject to cash discount terms of 2/10, n/60. | |
| 11 | Purchased goods billed at $10,600 subject to terms of 1/15, n/30. | |
| 19 | Paid invoice of May 10. | |
| 24 | Purchased goods billed at $12,100 subject to cash discount terms of 2/10, n/30. |
Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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