College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 11A, Problem 1SEB
PURCHASES TRANSACTIONS—GROS-PRICE AND NET-PRICE METHODS Gloria’s Repair Shop had the following transactions during May:
May 2 Purchased merchandise on account from Delgado’s Supply for $900, terms 2/10, n/30.
6 Purchased merchandise on account from Goro’s Auto Care for $1,200, terms 1/10, n/30.
11 Paid the amount due to Delgado’s Supply for the purchase on May 2.
27 Paid the amount due to Goro’s Auto Care for the purchase on May 6.
- 1. Prepare general
journal entries for these transactions using the gross-price method. - 2. Prepare general journal entries for these transactions using the net-price method.
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College Accounting, Chapters 1-27
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