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When I checked my work it said that all of my math was correct, but not the Inventory markers on my general journal for the
When I checked my work it said that all of my math was correct, but not the Inventory markers on my general journal for the Feb 2nd and 10th. If it is not debit "Inventory" for 22,000, and credit "Inventory" for 440 what shoukd they be labeled as?
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000, with terms 210, n/30. On February 10, the company pays on accouht for the inventory. Record the inventory purchase on February 2 and the payment on February 10 . (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Any help is appreciated.
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