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Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13

Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 3MC: If a customer pays with a credit card and the service has been provided, which of the following...
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Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13

 

Assuming that Whispering uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Date Feb. 1 Your answer is correct. Feb. 4 Feb. 13 Purchases Accounts Payable Accounts Payable Purchase Returns and Allowances Accounts Payable Cash Purchase Discounts Debit 7290 []] 1890 5400 Credit 7290 1890 5238 162
Transcribed Image Text:Assuming that Whispering uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Date Feb. 1 Your answer is correct. Feb. 4 Feb. 13 Purchases Accounts Payable Accounts Payable Purchase Returns and Allowances Accounts Payable Cash Purchase Discounts Debit 7290 []] 1890 5400 Credit 7290 1890 5238 162
At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to 2 decimal places, e.g. 6,578.25.) Net price $ LA
Transcribed Image Text:At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to 2 decimal places, e.g. 6,578.25.) Net price $ LA
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