Reference no: EM132589698
Nash Industries purchased $9,300 of merchandise on February 1, 2020, subject to a trade discount of 10% 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
Question 1: Assuming that Nash uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
Date Account Titles and Explanation Debit Credit
1-Feb
4-Feb
13-Feb
Question 2: Assuming that Nash uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
Date Account Titles and Explanation Debit Credit
1-Feb
4-Feb
13-Feb
Question 3: At what amount would the purchase on February 1 be recorded if the net method were used?
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