Exercise 8-8 Cruise Industries purchased $10,500of merchandise on February 1, 2014, subject to a trade discount of9% and with credit terms of3/15, n/60. It returned $3,700(gross price before trade or cash discount) on February 4. The invoice was paid on February 13.

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
Feb. 4
Feb. 13

LINK TO TEXT

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
Feb. 4
Feb. 13

LINK TO TEXT

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

$