Mary's TV ises a perpetual inventory system. The following are three recent inventry merchandising transactions

Mar. 6 Puchased 8 TVs from Whosa Industries on account. Invoice price, $350 per unit, for a total of $2,800. The terms of puchase were 2/10, n30

Mar. 11 Sold two of these televisions for $600 cash.

Mar. 16 Paid the acdount payable to Whosa Industries within the disdount period.!

Instruction

A. Prepare journal entries to record these transactions assuming that Mary's records purchases of me chandise at!

I. Net cost (25 points)

2. Gross invoice price (25 points)

B. Assume that Mary did not pay Whosa industries within the discount period but istead paid the full invoice price on April 6. Prepare journal entries to record this payment assuming that the original liability

had been recorded at

1. Net cost (25 points)
2. Gorss invoice price (25 points)