BADM 700-On March 20, Shelton Fireworks purchases on

by | Mar 18, 2020 | Uncategorized

  

Brief Exercise 7-2

Recording Inventory Purchases

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. For a compound transaction, if an amount box does not require an entry, leave it blank or enter “0”.

Mar 20

Mar 30

  

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