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im not sure how my answers is incorrect Vaughin Industries purchased $7.100 of merchandise on February 1.2025, subject to a trade discount of 10% and
im not sure how my answers is incorrect
Vaughin Industries purchased $7.100 of merchandise on February 1.2025, subject to a trade discount of 10\% and with credit terms of 3/15,n/60, it returned $2,100 (gross price before trade or cash discount) on February 4. The irgoice was paid on February 13. (a) Assuming that Vaughn uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (II no entry is required, select "No entry" for the account tities and enter of for the amounts. Round answers to 2 decimat ptaces, e.8, 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Assuming that Vaughn uses the perpetual method for fecording 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 of for the amounts. Round answers to 2 decimal places, e.8. 6,578.25. Credit account titles are automatically indented when omount is entered. Do not indent manually. List all debit entries before credit entries.) Step by Step Solution
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