Recording cash Discounts On November 15, 2015, Shields Company purchased inventory costing $15,500 on credit. The credit terms wert 2/10, //30. Assume that Shields company paid the invoice on November 23, 2015. Prepare journal entries to record the purchase of this inventory and the cash payment to the supplier using net of discount method Set up the necessary -accounts and post the journal entries from question a. to the accounts c compute the cost of a lost discount as an annual percentage rate. Round answer to one decimal place i.e. 34.6%). complete this with all work please thanks
Recording cash Discounts On November 15, 2015, Shields Company purchased inventory costing $15,500 on credit. The credit terms wert 2/10, //30. Assume that Shields company paid the invoice on November 23, 2015. Prepare journal entries to record the purchase of this inventory and the cash payment to the supplier using net of discount method Set up the necessary -accounts and post the journal entries from question a. to the accounts c compute the cost of a lost discount as an annual percentage rate. Round answer to one decimal place i.e. 34.6%). complete this with all work please thanks
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Recording cash Discounts
On November 15, 2015, Shields Company purchased inventory costing $15,500 on credit. The credit terms wert 2/10, //30.
Assume that Shields company paid the invoice on November 23, 2015. Prepare
Set up the necessary -accounts and post the journal entries from question a. to the accounts
c compute the cost of a lost discount as an annual percentage rate. Round answer to one decimal place i.e. 34.6%).
complete this with all work please thanks
Transcribed Image Text:Recording Cash Discounts
On November 13, 2018 Sheds Company purchased every costing $15.500 on ods. The credit tw 2/19
Assume that Sheds Company paid the invoe on November 23, 2015 Prepare penal entes to recent the purchase oferary and the ch pam the spe
General Journal
Date
Hins
Debit
Credi
Set up the necrary T-accounts and post the journal erones frum question a to the accounts
Cash
Inventary
Accounts Payable
Compute the cost of a fost discount as an annual percentage rate. Round answer to one decimal place e, 54.6
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