Accounts Payable On May 18, Stanton Electronics purchased, on credit, 1,000 TV sets for \(\$ 400\) each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on June 30.

\section*{Required:}

Prepare the necessary journal entry (or entries) on May 18 and June 30.

\section*{OBJECTIVE 2 Brief Exercise