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please just answer last part Shefficld Industries purchased $14,900 of merchandise on February 1,2025, subject to a trade discount of 10% and with credit terms
please just answer last part
Shefficld Industries purchased $14,900 of merchandise on February 1,2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2.900 (eross price before trode or cash discount) on February 4. The invoice was paid on February 13. Your answer is correct: Assuming that Shelfield uses the perpetual method for recording merchandise transactions; record the purchase, return, and paryment using the gross method. Of no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimat places, es. 6,578.25, Crefit dccount titles are automatically indented when amount is entered Do not indent manually. List all debit entries before credit entries) Feb. 1 Imventory 13410 Accounts Pavable 13410 Feb. 4 Accounts Payable 2610 Inventory 2610 Feb. 13 Accounts Payable 10800 Imventory 324 Cash 10476 eTextbook and Media List of Accounts Assuming that Sheffield 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 occount tities and enter ofor the amounts. Round. answers to 2 decimal ploces, es. 6,578.25. Credit account titles are outomatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to 2 decimal places. c.8. 6.578.25.) Net price Step by Step Solution
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