Problem 3 (6 points)

PlaidLad Furniture Co. sold ten table/chair sets to HatsOff Restaurant on Jan 1, 20X8 for $10,000 with terms 2/10; n/30. HatsOff also purchased dishware from Venice Depot on Jan 15, 20X8 for $5,000 with terms 2/10; n/30. HatsOff paid PlaidLad on Jan 6, 20X8 and Venice Depot on Jan 26, 20X8.

Required:

1. Record the both transactions for HatsOff Restaurant using the gross method.

Including purchase date + payment date

2. Record the both transactions for HatsOff Restaurant using the net method.

Including purchase date + payment date