On April 15, Jones, Inc. purchased merchandise inventory at an invoice price of $350,000, with terms of 3/15, n/30.

Required:

a. Assuming that the full, appropriate payment was made on April 28, prepare journal entries to record the purchase and payment, using the:

(1) gross price method

(2) net price method

b. Assuming that the full, appropriate payment was made on May 15, prepare journal entries to record the payment, using the:

(1) gross price method

(2) net price method