comparison of net cost and gross price methods

Mar. 6 Purchased eight TVs from Whosa Industries on account. Invoice price, $350 per Mar. 11 Sold two of these televisions for $600 cash. Mar. 16 Paid the account payable to Whosa Industries within the discount period Instructions a. Prepare journal entries to record these transactions assuming that Mary's records purch actions: for a total of $2,800. The terms of purchase were 2/10, n/30 merchandise at: 1. Net cost. 2. Gross invoice price. Assume that Mary's did not pay Whosa Industries within the discount period but inste the full invoice price on April 6. Prepare journal entries to record this payment assumi the original liability had been recorded at: 1. Net cost. the fullinvoice price on April 6. Prepare journal entries to record this payment assumi 2. Gross invoice price Assume that you are evaluating the efficiency of Mary's bill-paying procedures. accounting method-net cost or gross invoice price-provides you with the most useful mation? Explain. falla