Paid for the merchandise purchased on october 2 payment was

Reference no: EM13578982

Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October.

Oct. 2Purchased merchandise at a $3,000 price, invoice dated October 2, terms 2/10, n/30.

10Received a $500 credit memorandum (at full invoice price) for the return of merchandise that it purchased on October 2.

17Purchased merchandise at a $5,400 price, invoice dated October 16, terms 2/10, n/30.

26Paid for the merchandise purchased on October 17, less the discount.

31Paid for the merchandise purchased on October 2. Payment was delayed because the invoice was mistakenly filed for payment today. This error caused the discount to be lost.

(a)Prepare entries to record the above transactions assuming that Piere Imports records invoices at gross amounts.

(b)Prepare entries to record the above transactions assuming that Piere Imports records invoices at net amounts.

Reference no: EM13578982

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