Oct. 3 Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight...
Oct. 3 Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice.
| Debit | Credit |
Oct. 13 Paid Hoagie Co. for invoice of October 3.
| Debit | Credit |
Homework Answers
| Under Gross Method: | ||||
| Debit | Credit | |||
| Oct.3 | Merchandise Inventory | 10170 | =9950+220 | |
| Accounts Payable-Hoagie Co. | 10170 | |||
| Oct.13 | Accounts Payable-Hoagie Co. | 10170 | ||
| Merchandise Inventory | 199 | =9950*2% | ||
| Cash | 9971 | |||
| Under Net Method: | ||||
| Debit | Credit | |||
| Oct.3 | Merchandise Inventory | 9971 | =9950*(1-0.02)+220 | |
| Accounts Payable-Hoagie Co. | 9971 | |||
| Oct.13 | Accounts Payable-Hoagie Co. | 9971 | ||
| Cash | 9971 | |||
|
Note: Solution under both gross and net method have been provided,
the appropriate solution can be used based on instructions provided in the question |
||||
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