Question Recording an Inventory Purchase Shields Company has purchased inventories incurring the following costs: (a) the invoice amount of $600, financed through a $500 note with the remainder paid in cash, (b) shipping charges of $30 on account, (c) interest of $10 accrued on the $500 borrowed to finance the purchase, and (d) $8 on account for the cost of moving the inventory to the company's warehouse. Record the purchase using "T" accounts. Note: Record largest number first in T-account if multiple entries. Note: Enter your answers using the first open field of the appropriate column in each account. Inventory Accounts Payable Cash Notes Payable Interest Expense, Discounts Lost

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