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Assuming that Nash uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry
Assuming that Nash uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Round answers to 2 decimal places, e g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Date Feb. 1 Feb 4 Feb. 13 Purchases Accounts Payable Accounts Payable Purchase Returns and Allowances Accounts Payable Purchase Discounts Cash Debit 8370 2970 5400 Credit 8370 2970 162 5238 Nash Industries purchased $9,300 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,300 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to 2 decimal places, eg. 6,578.25.) Net price $ 7533
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