Cruise Industries purchased $9,160 of merchandise on February 1, 2014, subject to a trade discount of 9% and with credit terms of 3/15, n/60. It returned $4,200 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.

	Your answer is correct.

Assuming that Cruise 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 0 for 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.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 1	Inventory	8336.00
	Accounts Payable		8336.00
Feb. 4	Accounts Payable	3822.00
	Inventory		3822.00
Feb. 13	Accounts Payable	4514.00
	Inventory		134.00
	Cash		4380.00

Show List of Accounts
Link to Text

	Your answer is correct.

Assuming that Cruise 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 0 for 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.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 1	Purchases	8336.00
	Accounts Payable		8336.00
Feb. 4	Accounts Payable	3822.00
	Purchase Returns and Allowances		3822.00
Feb. 13	Accounts Payable	4514.00
	Purchase Discounts		134.00
	Cash		4379.00

Show List of Accounts
Link to Text

	Your answer is incorrect. Try again.

At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to 0 decimal places, e.g. 6,578.)

Net price

$