Glorias Repair Shop had the following transactions during May: May 2 Purchased merchandise on account from Delgados

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Gloria’s Repair Shop had the following transactions during May:

May 2 Purchased merchandise on account from Delgado’s Supply for $900, terms 2/10, n/30.

6 Purchased merchandise on account from Goro’s Auto Care for $1,200, terms 1/10, n/30.

11 Paid the amount due to Delgado’s Supply for the purchase on May 2.

27 Paid the amount due to Goro’s Auto Care for the purchase on May 6.

1. Prepare general journal entries for these transactions using the gross-price method.

2. Prepare general journal entries for these transactions using the net-price method.

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College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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Question Posted: Dec 21, 2011 09:34 AM

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Glorias Repair Shop had the following transactions during May: May 2 Purchased merchandise on account from Delgados

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