Bundle: College Accounting, Chapters 1-15, 22nd + Study Guide with Working Papers + CengageNOWv2™, 1 term Printed Access Card
Bundle: College Accounting, Chapters 1-15, 22nd + Study Guide with Working Papers + CengageNOWv2™, 1 term Printed Access Card
22nd Edition
ISBN: 9781337379762
Author: James A. Heintz, Robert W. Parry
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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Bundle: College Accounting, Chapters 1-15, 22nd + Study Guide with Working Papers + CengageNOWv2™, 1 term Printed Access Card

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