College Accounting, Chapters 1-15
College Accounting, Chapters 1-15
23rd Edition
ISBN: 9781337794763
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. 1. Prepare general journal entries for these transactions using the gross-price method.
  2. 2. Prepare general journal entries for these transactions using the net-price method.
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Chapter 11A Solutions

College Accounting, Chapters 1-15

Ch. 11A - At what amount are purchases recorded under the...Ch. 11A - Prob. 2RQCh. 11A - Prob. 3RQCh. 11A - PURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE...Ch. 11A - PURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE...
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