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Adjusting Entries: Wizard Industries purchase $12,000 of merchandise on February 1, 2010, subject to a trade discount of 105 and with credit terms of 3/15/, n/60. It returned $3,000 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Assuming that Wizard uses the periodic method for recoding merchandise transactions, record the purchase, return, and payment using the gross method. For each journal entry write Dr. for debit and Cr. for credit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956780

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