Open Assignment 16 Qu Sheridan Co pochised 5 000 ofi ventary on uly i 2017, subject to a trade discount of 5% and id credit terms of 4/10, n/30. Bolt paid the invoice on July 10. Assuming that Sheridan uses the perpetual method for recording inventory transactions, record the purchase and payment using the gross method. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 1 Inventory Accounts Payable July 10 Accounts Payable Cash Inventory Assuming that Sheridan uses the periodic method for recording inventory transactions, record the purchase and payment using the gross method. (If no entry is requi No entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manua Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation July I Purchases 8-59 11/29/ here to search Sheridan uses the periodic method for recording inventory transactions, record the purchase and payment using the gross method. CIt no entry is required, select No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do Record journal entries in the order presented in the problem.) not indent manually DebitCredit July 1 ,, Accounts Payable | July 10 : Accounts Payable Purchase Discounts By accessing this Q uestion Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Attempts: 0 of 1 used SAVE FOR LATER Eam Maximum Points available only if you answer this question correctly in your first attempt. ere to search