Question
The Muller Company is a Swiss wholesaler of furniture. They deal in Swiss currency which CHF. Muller uses a periodic inventory system and carried out
The Muller Company is a Swiss wholesaler of furniture. They deal in Swiss currency which CHF. Muller uses a periodic inventory system and carried out the following transactions. Sep 2. Purchased merchandise on account $9000, terms 2/10, n/30 Sep 3. Returned part of the purchase of August Sep 10, $1200. Sep 7. Purchased merchandise on account $12000, terms 1/15, n/60. Sep 11. Sold merchandise for retail $15000. Terms 2/5, n/10. Sep 13. The customer retuned items worth $2000. Sep 28. Paid invoice of Sep 2 and 7. Sep 30. The customer notified that he needed more days to pay and you extended the credit terms for another 10 days. Instructions: Record the above transactions for both gross and net method. Also perform the closing process.
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