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Question - Purchases Recorded, Gross Method - Ohno Industries purchased V12,000 of merchandise on February 1, 2015, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned V3,000 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (All amounts in thousands.)
Required -
(a) Assuming that Ohno uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
(b) Assuming that Ohno uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
(c) At what amount would the purchase on February 1 be recorded if the net method were used?
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