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Assuming that Swifty uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is
Assuming that Swifty 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 for the amounts. Round answers to o decimal places, eg. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to decimal places e.8. 6,578.) Net price $ Assuming that Swifty uses the perpetual 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 for the amounts. Round answers to decimal places, eg, 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 1 Inventory 9090 Accounts Payable 9090 Feb 4 Accounts Payable 2340 Inventory 2340 Feb. 13 Accounts Payable 6750 Cash 6548 Inventory 202 arch OH 74F Current Attempt in Progress Swifty Industries purchased $10,100 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15,n/60. It returned $2,600 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13
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