Assume that the SMT Group purchases inventory for $63,000 on account, with terms of 2/10, n/30.

Required

a. Prepare the journal entry to record the purchase under the Net Method.

b. Prepare the journal entry to record the payment within the discount period under the Net Method.

c. Prepare the journal entry to record the payment after the discount period under the Net Method.

d. Prepare the journal entry to record the purchase under the Gross Method.

e. Prepare the journal entry to record the payment within the discount period under the Gross Method.

f. Prepare the journal entry to record the payment after the discount period under the Net Method.