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may 20 business paid milestone inc in full Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. May 2. Business

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may 20 business paid milestone inc in full

Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. May 2. Business purchased $3.900 inventory from UTC Inc. Term 2/10, n/30 FOB 2. May5, business bought $2,150 inventory from the Milestone Inc. Term 1/15, n/30 FOB 3. May6. Business paid $370 shipping charges for the inventory purchased on May5 4. May7, business found $450 defective units from the May2 purchase, returned them back to UTC Inc. 5. May8, business bought $1,125 inventory from BTView Inc. paid in Cash 6. May 20, Business paid UTC Inc in full 7. Instead of paying UTC Inc on May20, What would be the entry if the business was paying UTC Inc on May 12. 8. May20, business paid Milestone Inc in full

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