Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during
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Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Prepare entries to record these transactions assuming that Piere Imports records invoices
(a) At gross amounts
(b) At net amounts.
Transcribed Image Text:
Oct. 2 Purchased merchandise at a $3,000 price ($2,940 net), invoice dated October 2, terms 2/10, n30. 10 17 Returned $500 ($490 net) of merchandise purchased on October 2 and debited its account payable for that amount. Purchased merchandise at a $5,400 price ($5,292 net), invoice dated October 17, terms 2/10, n30.
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To record the transactions for Piere Imports we will consider both scenarios recording invoices at gross amounts and at net amounts In the perpetual i...View the full answer
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