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Knowledge Check Three transactions for Sheridan Gifts are presented here. On October 2, Sheridan Gifts purchased $49,000 of merchandise from Sea Toys, terms 2/10, n/30. On October 6, Sheridan Gifts returned $2,900 of the merchandise purchased on October 2. On October 12, Sheridan Gifts paid the balance due to Sea Toys. a. How much cash is paid by Sheridan Gifts on October 12? Cash Payment $ b. Post the transactions to the T-accounts. (Post entries in the order displayed in the problem statement.) Accounts Payable Oct. 6 2900 Oct.2 4 49000

Knowledge Check Three transactions for Sheridan Gifts are presented here. On October 2, Sheridan Gifts purchased $49,000 of merchandise from Sea Toys, terms 2/10, n/30. On October 6, Sheridan Gifts returned $2,900 of the merchandise purchased on October 2. On October 12, Sheridan Gifts paid the balance due to Sea Toys. a. How much cash is paid by Sheridan Gifts on October 12? Cash Payment $ b. Post the transactions to the T-accounts. (Post entries in the order displayed in the problem statement.) Accounts Payable Oct. 6 2900 Oct.2 4 49000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....
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Oct. 6 Oct. 12 Oct. 2 Bal Save for Later Accounts Payable 2900 46100 Oct. 2 49000 Bal Inventory Oct. 6 Oct. 12 49000 0 2900 Attempts: 1 of 3 used Submit A
Transcribed Image Text:Oct. 6 Oct. 12 Oct. 2 Bal Save for Later Accounts Payable 2900 46100 Oct. 2 49000 Bal Inventory Oct. 6 Oct. 12 49000 0 2900 Attempts: 1 of 3 used Submit A
Knowledge Check Three transactions for Sheridan Gifts are presented here. On October 2, Sheridan Gifts purchased $49,000 of merchandise from Sea Toys, terms 2/10,n/30. On October 6, Sheridan Gifts returned $2,900 of the merchandise purchased on October 2. On October 12, Sheridan Gifts paid the balance due to Sea Toys. a. How much cash is paid by Sheridan Gifts on October 12? Cash Payment $ b. Post the transactions to the T-accounts. (Post entries in the order displayed in the problem statement.) Oct. 6 Accounts Payable 2900 Oct.2 4 49000
Transcribed Image Text:Knowledge Check Three transactions for Sheridan Gifts are presented here. On October 2, Sheridan Gifts purchased $49,000 of merchandise from Sea Toys, terms 2/10,n/30. On October 6, Sheridan Gifts returned $2,900 of the merchandise purchased on October 2. On October 12, Sheridan Gifts paid the balance due to Sea Toys. a. How much cash is paid by Sheridan Gifts on October 12? Cash Payment $ b. Post the transactions to the T-accounts. (Post entries in the order displayed in the problem statement.) Oct. 6 Accounts Payable 2900 Oct.2 4 49000
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