1.Silver Line Transportation purchased inventory on account for $20,000 on April 2, 20X3. They use a periodic inventory

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1 Silver Line Transportation Purchased Inventory On Account For 20 000 On April 2 20x3 They Use A Periodic Inventory 1 (20.88 KiB) Viewed 9 times

1.Silver Line Transportation purchased inventory on account for $20,000 on April 2, 20X3. They use a periodic inventory system. The terms of the purchase were 3/10, n/45. Shipping was $800, FOB destination. On April 4, the inventory was inspected, and it was discovered that some was damaged. The seller granted Silver Line Transportation a $600 allowance. On April 11, Silver Line Transportation paid the appropriate amount. Prepare the journal entries for each of the events noted above.