Crane Industries purchased $12,200 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. - Your answer is partially correct. Assuming that Crane 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 Ofor the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Feb. 1 4 Inventory 10980 Accounts Payable 10980 Feb. 4 Accounts Payable 2250 Inventory 2250 Feb. 13 Accounts Payable 8730 Inventory 261.9 Cash 8468.1 Assuming that Crane 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 O decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Feb. 1 Account Titles and Explanation Purchases Accounts Payable Feb. 4 Accounts Payable Purchase Returns and Allowances Feb. 13 Accounts Payable Purchase Discounts Cash e Textbook and Media List of Accounts X Your answer is incorrect. At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to O decimal places, e.g. 6,578.) Net price $