Unformatted text preview: use of a periodic inventory system and the "gross method" of recording: To record the invoice on May 5. To record the return of the Fall Color collection on May 7. To record the payment of the balance due if payment occurred on May 10. To record the payment of the balance due if payment occurred on May 20. (b) Repeat requirement (a) assuming Shirley' uses the periodic inventory system and the "net method" of recording....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11