Solution-Record the purchase return and payment using gross

Record the purchase return and payment using gross method

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Reference no: EM131133095

(Purchases Recorded, Gross Method) Cruise Industries purchased $10,800 of merchandise on February 1, 2014, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.

Instructions

(a) Assuming that Cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.

(b) Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.

Reference no: EM131133095

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Record the purchase return and payment using gross method

Reference no: EM131133095

Reference no: EM131133095

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