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Homework Help: Solved 101966

Exercise 8-8 Cruise Industries purchased $10,800 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,900 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. At what amount would the purchase on Feb 1st be recorded if the net method were used? E8-8 (L02) (Purchases Recorded, Gross Method) Cruise Industries purchased $10800 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. lt returned $2,500 (g rice before trade or cash dis- count) on February The invoice was paid on February 13. Instructions (a) Assuming that Cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (b) Assuming that Cnise uses the periodic method for recording merchandise transactions, record the rurchase, return, and payment using the gross method. (c At what amount would the purchase on February 1 be recorded if the net method were used?


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