Problem 1  Inventory Journal Entries   Stephen needs to record journal entries for various inventory purchases on account and subsequent payments.  Record...

Problem 1  Inventory Journal Entries

Stephen needs to record journal entries for various inventory purchases on account and subsequent payments.  Record the journal entries using both the gross and net methods. 

11/1  Stephen purchased 20 tables on account from David’s Place for $4,000 with  terms of 2/15, n 30.

11/4  Stephen returned 3 tables to David’s Place because they were found defective.

11/12  Stephen paid for ten of the tables.

11/15  Stephen paid a shipping bill for the tables from UPS for $300.

 12/2  Stephen paid the balance due to David’s Place for the table purchase.