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Shawn needs to record journal entries for various inventory purchases on account and subsequent payments. Record the journal entries using both the gross and net methods.

11/1 Shawn purchased 20 tables on account from David's Place for $4,000 with terms of 2/15, n 30.

11/4 Shawn returned 3 tables to David's Place because they were found defective.

11/12 Shawn paid for ten of the tables.

11/15 Shawn paid a shipping bill for the tables from UPS for $300.

12/2 Shawn paid the balance due to David's Place for the table purchase.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956774

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