Described below are certain transactions of Sheridan Company for 2021: 1. On May 10, the company purchased goods from Fox Company for $77,800, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $84,000 from Rao Company, paying $27,600 in cash and giving a one-year, 9% note for the balance. 3. On September 30, the company discounted at 11% its $180,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $162,000. Prepare the journal entries necessary to record the transactions above using appropriate dates. Company uses the periodic inventory system.
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Described below are certain transactions of Sheridan Company for 2021: 1. On May 10, the company pur...
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