Shawn 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 Shawn purchased 20 tables on account from David's Place for $4,000 with terms of 2/15, n 30.
11/4 Shawn returned 3 tables to David's Place because they were found defective.
11/12 Shawn paid for ten of the tables.
11/15 Shawn paid a shipping bill for the tables from UPS for $300.
12/2 Shawn paid the balance due to David's Place for the table purchase.