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On March 1, 2023 Stanfield Sporting Goods purchased $20,000 in screen printed shirts for resale from Garcia Graphix Design on terms 2/10, n30. The cost
On March 1, 2023 Stanfield Sporting Goods purchased $20,000 in screen printed shirts for resale from Garcia Graphix Design on terms 2/10, n30. The cost to Graphix Design was $11,500.
On March 5, 2023 Stanfield returns $1500 to Garcia at a cost $865. On March 9, 2023, Stanfield pays the balance due, taking advantage of the discount terms.
Create the journal entries associated with these transactions for both parties. Assume both parties use a perpetual inventory system.
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