Assuming that wizard uses the periodic method for recording

Reference no: EM13611880

Wizard Industries purchased $13,700 of merchandise on February 1, 2012, subject to a trade discount of 9% and with credit terms of 3/15, n/60. It returned $3,300 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.

(a) Assuming that Wizard uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method Wizard Industries purchased $13,700 of merchandise on February 1, 2012, subject to a trade discount of 9% and with credit terms of 3/15, n/60. It returned $3,300 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Date Account Titles and Explanation Debit Credit Feb. 1 Feb. 4 Feb. 13

(b) Assuming that Wizard uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (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 Feb. 1 Feb. 4 Feb. 13

(c) At what amount would the purchase on February 1 be recorded if the net method were used? (Round answers to 0 decimal places, e.g. $6,578.) Net price $

Reference no: EM13611880

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