Account titles available for use: Cash Accounts Receivable Accounts Payable Purchase Discounts Purchases Purchase Returns Purchase Allowances Inventory Supplies Freight-in Loss from Inventory Shrinkage Sales Revenue Sales Returns Cost of Goods Sold Freight Expense Interest Expense Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Provide journal entries to record each activity for both the gross and net methods as specified below. Purchased merchandise invoiced at $7,600, with terms of 2/10, n/30. Record using gross. nn Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Provide journal entries to record each activity for both the gross and net methods as specified below. Returned merchandise with an invoiced amount of $700 because it was defective. Record using gross. (Note: Refers to previous transaction) DR ACCT A/ DR amount A/ CRACCT A/ CR amount A Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Provide journal entries to record each activity for both the gross and net methods as specified below. Paid for merchandise with an invoice price of $5,000. Record using gross. (Note: Refers to previous two transactions) DR ACCT A/ DR amount CR ACCT CR amount Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Provide journal entries to record each activity for both the gross and net methods as specified below. Paid the remainder owed on the invoice. Record using gross. (Note: Refers to previous three transactions) DR ACCT A/ DR amount A CR ACCT A CR amount Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Provide journal entries to record each activity for both the gross and net methods as specified below. Purchased merchandise invoiced at $7,600, with terms of 2/10,n/30. Record using net DR ACCT ADR amount CRACOT Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Provide journal entries to record each activity for both the gross and net methods as specified below. Returned merchandise with an invoiced amount of $700 because it was defective. Record using net. (Note: Refers to previous transaction) DR ACCT A) DR amount A CRACCT Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Provide journal entries to record each activity for both the gross and net methods as specified below. Paid for merchandise with an invoice price of $5,000. Record using net. (Note: Refers to previous two transactions) Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Provide journal entries to record each activity for both the gross and net methods as specified below. Paid the remainder owed on the invoice. Record using the net method. (Note: Refers to the three previous transactions)
