A company purchased merchandise inventory costing 15000, Ask an Expert

Accounting

A company purchased merchandise inventory costing $15,000 with credit terms of 2/10, n/30 on November 7. On November 15, the company paid 1/3 of the amount due. The remaining balance was paid on December 7.

Required:
a. Record the journal entries related to this transaction using the gross method of recording purchases.

b. Record the journal entries related to this transaction using the net method of recording purchases.

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