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Account options: accounts payable, cash, cost of goods sold, inventory On November 15 ,...

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Accounting

imageAccount options: accounts payable, cash, cost of goods sold, inventory

On November 15 , Shields Company purchased inventory costing $32,550 on credit. The credit terms were 2/10, n/30. a. Prepare journal entries to record the purchase of this inventory and the cash payment to the supplier applying the netof-discount method. b. Set up the necessary T-accounts and post the journal entries to the T-accounts. - Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each account

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