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Some of the transactions of Sheffield Company during August are listed below. Sheffield uses the periodic inventory method. August 10 Purchased merchandise on account,
Some of the transactions of Sheffield Company during August are listed below. Sheffield uses the periodic inventory method. August 10 Purchased merchandise on account, $10,200, terms 2/10, n/30. 13 15 Purchased merchandise on account, $14,500, terms 1/10, n/60. Returned part of the purchase of August 10, $1,400, and received credit on account. 25 28 Purchased merchandise on account, $17,900, terms 2/10, n/30. Paid invoice of August 15 in full. Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time. (If 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 not indent manually.) Date Account Titles and Explanation Aug. 31 Debit Credit be sur sur fre
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