Kleso, Intermediate Accounting. 160 Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 3-8 Flounder Industries purchased $9,300 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, /60. It returned $2,700 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Assuming that Hounder uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. I no entry is required, select "No entry for the account titles and enter for the amounts. Round answers to decimal places, g. 6,578 Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit o Assuming that Flounder uses the periodic method for recording merchandise transactions, record the purchase retum, and payment using the gross method f entry for the account titles and enter for the amounts. Round answers to decimal places... 57. Credit account bites are automatically Do not indent manually.) r select No when amount is entered Account Tities and Explanation Debit Credit med for recording merchandise transactions, record the purchase entry for the accounts and enter for the amount order to malas c Do not lndent manually) , and payment t o o try to ndented the amount is entered Date Account Tities and Explanation Debit Credit At what amount would the purchase on February 1 be recorded if the net method (Round wer d Net price Click if you would like to show Work for this question on