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X CH 8 HW Required Current Attempt in Progress Coronado Industries purchased $12,700 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15. n/60. It returned $2,400 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Your answer is partially correct. Assuming that Coronado 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, 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 11430 Accounts Payable 11430 Feb 4 Accounts Payable 2260 Inventory Feb. 13 - Accounts Payable Inventory 80% X CH 8 HW Required - Your answer is partially correct. Assuming that Coronado 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 decimal places, eg. 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 P urchases Accounts Payable Feb. 4 - Accounts Payable Purchase Returns and Allowances Feb. 13 Accounts Payable Cash Purchase Discounts e Textbook and Media * Your answer is incorrect. At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to decimal places, eg. 6,578.) Net price $ e Textbook and Media List of Accounts Attempts: 1 of 4 used Submit Answer Save for Later Last saved 26 days ago. Your grade has been recorded in the Gradebook. Tue Mar 31, 2020, 12:47:50 PM (America/New York-04:00)