Intermediate Accounting 105May I please have assistance with this exercise?Thank you **Shamrock Corporation Accounting Transactions**Shamrock Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. The following transactions occurred in July:**Transactions:**- **(a) July 1:** 1. Shamrock purchased $75,000 of inventory, terms 2/10, n/30, FOB shipping point. 2. Shamrock paid freight costs of $1,237. - **(b) July 3:** - Shamrock returned damaged goods and received a credit of $7,500. - **(c) July 10:** - Shamrock paid for the goods.**Journal Entries:****1. July 1:**- **Inventory:** Debit $75,000- **Accounts Payable:** Credit $75,000- **Freight-In:** Debit $1,237- **Cash:** Credit $1,237**2. July 3:**- **Accounts Payable:** Debit $7,500- **Inventory:** Credit $7,500**3. July 10:**- **Accounts Payable:** Debit $73,500- **Purchase Discounts:** Credit $1,500- **Cash:** Credit $72,000**Important Note:**- If no entry is required, "No Entry" should be selected for account titles and $0 should be entered for amounts.- Credit account titles are automatically indented when the amount is entered. Do not indent manually.- All debit entries should be listed before credit entries.

The company purchases raw materials from the suppliers. The suppliers also offer discounts to the…

Shamrock Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) (b) (c) On July 1, (1) Shamrock purchased $75,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Shamrock paid freight costs of $1,237. On July 3, Shamrock returned damaged goods and received credit of $7,500. On July 10, Shamrock paid for the goods. Prepare all necessary journal entries for Shamrock. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

Shamrock Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) (b) (c) On July 1, (1) Shamrock purchased $75,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Shamrock paid freight costs of $1,237. On July 3, Shamrock returned damaged goods and received credit of $7,500. On July 10, Shamrock paid for the goods. Prepare all necessary journal entries for Shamrock. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

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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