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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
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
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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