Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13
Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13
![Assuming that Whispering 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.)
Your answer is correct.
Date
Feb. 1
Feb. 4
Feb. 13 ✓
Account Titles and Explanation
Inventory
Accounts Payable
Accounts Payable
Inventory
Accounts Payable
Cash
Inventory
Debit
7290
1890
5400
Credit
7290
11
1890
5238
162](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F62c5d8d4-bf52-40ff-9a64-70401b9ed938%2Fa138c7d3-de37-47d7-9d21-00b780822a23%2Fx3jxzwy_processed.png&w=3840&q=75)
Transcribed Image Text:Assuming that Whispering 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.)
Your answer is correct.
Date
Feb. 1
Feb. 4
Feb. 13 ✓
Account Titles and Explanation
Inventory
Accounts Payable
Accounts Payable
Inventory
Accounts Payable
Cash
Inventory
Debit
7290
1890
5400
Credit
7290
11
1890
5238
162
![(b)
Assuming that Whispering uses the periodic 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.)
Date
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F62c5d8d4-bf52-40ff-9a64-70401b9ed938%2Fa138c7d3-de37-47d7-9d21-00b780822a23%2F2b16e1a_processed.png&w=3840&q=75)
Transcribed Image Text:(b)
Assuming that Whispering uses the periodic 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.)
Date
Account Titles and Explanation
Debit
Credit
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