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THIS IS ALL ONE QUESTION SORRY Whispering Industries purchased $8,300 of merchandise on February 1, 2020, subject to a trade discount of 10% and with
THIS IS ALL ONE QUESTION SORRY
Whispering Industries purchased $8,300 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,100 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Assuming that Whispering uses the perpetual 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 account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Assuming that Whispering 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 account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to O decimal places, e.g. 6,578.) Net price $ List of AccountsStep by Step Solution
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