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

Required: 

[A] Make journal entries related to this transaction using gross method of recording purchases.

[B] Record the journal entries related to this transaction using net method of recording purchases.

[C] Which method do you prefer? describe your reasoning.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922088

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