(Appendix) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent...
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(Appendix) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2
a) Purchased merchandise on credit with a list price of $24,600 on terms 3/15, n/25.
b) Paid for a purchase made 9 days ago. The payment was for merchandise with a list price of $21,900 that had been purchased on terms 2/10, n/30.
c) Paid for a purchase made 29 days ago. The payment was for merchandise with a list price of $19,400 that had been purchased on terms 1/10, n/30.
REQUIRED:
Prepare journal entries for these three transactions:
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