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Prepare journal entries to record the following transactions which are independent of each other. 1. On April 1, 2020, Shoppers Inc. paid for inventory purchased
Prepare journal entries to record the following transactions which are independent of each other. 1. On April 1, 2020, Shoppers Inc. paid for inventory purchased on March 25 at $50,000 with credit term 2/10, n/30. 2. In May 2020, Diversified Semiconductors received 1,000 reusable protective containers from customers. The deposit for each container is $20. 3. Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which represented 2020 salary of $10,000. Note: You may create a table as follows to organize your journal entries. Date 1 Cash Sales Revenue Account titles Debit Credit 10,000 10,000
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