On June 18, Stanton Electronics purchased, on credit, 1,700 TV sets for $525 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on July 31. Required: Prepare the necessary journal entry (or entries) on June 18 and July 31. If an amount box does not require an entry, leave it blank. June 18 Inventory Accounts Payable (Record purchase of inventory on credit) July 31 Accounts Payable Cash (Record payment to supplier)

On June 18, Stanton Electronics purchased, on credit, 1,700 TV sets for $525 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on July 31. Required: Prepare the necessary journal entry (or entries) on June 18 and July 31. If an amount box does not require an entry, leave it blank. June 18 Inventory Accounts Payable (Record purchase of inventory on credit) July 31 Accounts Payable Cash (Record payment to supplier)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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