Bramble Industries purchased $9,300 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,300 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Assuming that Bramble uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
Bramble Industries purchased $9,300 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,300 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Assuming that Bramble uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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