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Business, 24.03.2020 02:35 saucyboyFredo
Splish Industries purchased $11,300 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,600 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.
Required:
1. Assuming that Splish uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
2. Assuming that Splish uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
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Splish Industries purchased $11,300 of merchandise on February 1, 2020, subject to a trade discount...
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