ACT300_CT_3 - AUG 1 2015 Purchased T-shirts(BI= 0 other...

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AUG 1, 2015 – Purchased T-shirts (BI= 0, other assets, inventory) from Arotek. Bought 1950 shirts at $3.846 each. Round to nearest dollar. Arotek, vendor, terms are 1/10, n/30. Inventory Debit 7500 Accounts Payable – Arotek Credit 7500 AUG 4, 2015 – At Arotek’s request, Pit Bull sings paid $200 cash to Sheng Freight for freight expenses on the August 1. Accounts Payable – Arotek Debit 200 Cash Credit 200 AUG 5, 2015 – Sold merchandise to Laird Corp. 1040 T-shirts at $5.00 each. Liar Corporation, customer, is given credit terms to 2/10, n/60, FOB destination. The merchandise had cost of $3.846. Round to nearest dollar.
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