8-1

Required information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3] [The following information applies to the questions displayed below.] Comfort Company purchased 200 units of inventory on November 17, 2024. The units have a list price of $350 each, but Comfort was given a 30% trade discount. The terms of the sale were 2/10,n/30. Comfort uses a perpetual inventory system. Exercise 811 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26,2024. Comfort uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15,2024. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024, Comfort uses the gross method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26,2024 . Comfort uses the gross method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record payment on November 26 using the gross method of accounting for purchase discounts Note: Enter debits before credits. Prepare the joumal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort. uses the net method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 2 Record the purchase of inventory. Note: Enter debits before credits. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record payment on November 26 using the net method of accounting for purchase discounts. Note: Enter debits before credits