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re purchases clothing merchandise Shirley Williams Apparel Store purchases Below is an invoice from Terra Wear se on account from various vendors. Terra Wear Action
re purchases clothing merchandise Shirley Williams Apparel Store purchases Below is an invoice from Terra Wear se on account from various vendors. Terra Wear Action Sport Clothing High Point, CO Bill to: INVOICE # 3778 Shirley Williams Apparel Store Denver Sports Center, #1234 Denver, CO DELIVERY DATE May 5, 2021 QTY INVOICE DATE May 5, 2021 Description FO.B. POINT Denver TERMS 1/10,n/30 UNIT PRICE TOTAL TOTAL Work Out Wonder sport collection Sun Fun - fun wear Fall Color collection 125 $ 35 $ 60 $ 8,750 1,050 600 10 THANK YOU FOR YOUR BUSINESS! TOTAL $ 10,400 (a) Prepare Shirley's journal entries for each of the following transactions, assuming use of a periodic inventory system and the "gross method" of recording To record the invoice on May 5. To record the return of the Fall Color collection on May 7. Vio To record the payment of the balance due if payment occurred on May 10. To record the payment of the balance due if payment occurred on May 20. 60-16004 (b) Repeat requirement (a) assuming Shirley uses the periodic inventory system and the "net method" of recording. (c) How does the balance of Net Purchases differ under the two methods
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