Intermediate Accounting $105$

May I please have explanation for this exercise?Shamrock Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.

$($a$)$ On July $1,(1)$ Shamrock purchased $$75,000$ of inventory, terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point. $(2)$ Shamrock paid freight

costs of $$1,237.$

$($b$)$ On July $3,$ Shamrock returned damaged goods and received credit of $$7,500.$

$($c$)$ 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 $0$ for the

amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit

entries.$)$

No$.$

Date

Account Titles and Explanation

$($a$)(1)$

$($a$)(2)$

$($b$)$

$($c$)$

Debit

Credit

Thank you so much