Question

Discussions Blossom industries purchased $9.000 medando with credit termof3/15./6. It returned $2,900 Invoice was paid on February 12 February 1 2020, subject to a trade discount of 10% and price before trade or cash discount on February. The Collaboration W PLUS Support Assuming that Blossom uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Round answers to O decimal places, eg. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dale Acties and List of Accounts Assuming that Blossom uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, es 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date A d List of Accounts At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to decimal places, e... 6,578.) Nel prices List of Accounts

Answer 1

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ANSE (als Journal Entre under Amount in $ perpetual method using gross method :- credit Date Feb-1-2020 Account Title purchases of merchandise (9000-101) Accounts payable Debit $ 8100 $ 8100 Feb-y $26.10 Accounts payable (2800-10%) purchase returning $26.10 - Feb-13 . Accounts payable $5490 cash/Bank purchase discount (5490x31). $5325 $165 (6) + Journal Entry under periodic method using gross method: - Date Feb-1 Account Title Inventuny Debit $8100 Credit - naa Accounts payable $8100 Feb-y $2610 Accounts payable Inventory $ 2610

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Feb-13 $ 5490 Accounts payable Cash Bank $.5325 $ 165 purchase discount (CI 7o Net price: $7857 Workings: purchase to be recorded under net method i a purchase amount :$ 8100 leasi Discount @34 (cash Discount) $243) Nest price for $7857 -

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