Uses the gross method and perpetual inventory system

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Reference no: EM131354076

Boston Dollar Store uses the gross method to record purchase discounts and uses a perpetual inventory system. Boston engaged in the following transactions during April: 4/12

Purchased $15,000 in merchandise subject to terms of 2/10, n/30. The goods were shipped f.o.b. shipping point

4/13

Received a billing from Orange Freight Lines for $300 for the 4/12 purchase.

4/15

Returned $1,000 of merchandise from the 4/12 purchase.

4/20

Paid balances due from 4/12 purchase.

Reference no: EM131354076

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