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On November 15 , Shields Company purchased inventory costing $4,650 on credit. Credit terms were...

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Accounting

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On November 15 , Shields Company purchased inventory costing $4,650 on credit. Credit terms were 2/10,n/30. a. Prepare journal entries to record the purchase of this inventory and the cash payment to the supplier applying the net-of-discount method. b. Set up the necessary T-accounts and post the journal entries to the T-accounts

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