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Prepare detroit ltds journal entry to record the allowance

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Reference no: EM132319170

Question: After Weez Ltd purchased inventory on credit from Detroit Ltd for $9,000, including GST, terms 3/10, n/30, Weez Ltd received a purchase allowance for $690, including GST.

1) Prepare Weez Ltd's journal entry to record the purchase allowance, assuming Weez Ltd follows the "net purchases" method.

2) Prepare Weez Ltd's journal entry to record the purchase allowance, assuming Weez Ltd follows the "gross purchases" method.

3) Prepare Detroit Ltd's journal entry to record the allowance.

Reference no: EM132319170

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