Recording cash Discounts

On November 15, 2015, Shields Company purchased inventory costing $15,500 on credit. The credit terms wert 2/10, //30.

Assume that Shields company paid the invoice on November 23, 2015. Prepare journal entries to record the purchase of this inventory and the cash payment to the supplier using net of discount method

Set up the necessary -accounts and post the journal entries from question a. to the accounts

c compute the cost of a lost discount as an annual percentage rate. Round answer to one decimal place i.e. 34.6%).