Romeros Heating and Cooling had the following transactions during April: Apr. 2 Purchased merchandise on account from

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Romero’s Heating and Cooling had the following transactions during April:

Apr. 2 Purchased merchandise on account from Alanon Valve for $1,000, terms 2/10, n/30.

5 Purchased merchandise on account from Leon’s Garage for $1,400, terms 1/10, n/30.

11 Paid the amount due to Alanon Valve for the purchase on April 2.

25 Paid the amount due to Leon’s Garage for the purchase on April 5.

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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Romeros Heating and Cooling had the following transactions during April: Apr. 2 Purchased merchandise on account from

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