SJS Industries purchased $30,000 of merchandise on August 4, 2025, subject to a trade discount of...

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SJS Industries purchased $30,000 of merchandise on August 4, 2025, subject to a trade discount of 6% and with credit terms of 2/10, n/30. The company returned $2,500 (gross price before trade or cash discount) on August 8. The company paid the invoice on August 12. Required: Assuming the company uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. If "No Entry" is needed, please indicate "No Entry" Reference: Account Title Debit: Credit: (a) 8/4/2024 type your answer.... type your answer. type your answer. type your answer... type your answer. type your answer. (b) 8/8/2024 type your answer... type your answer. type your answer. type your answer... type your answer. type your answer. (c) 8/12/2024 type your answer.... type your answer. type your answer. type your answer... type your answer. type your answer. type your answer... type your answer. type your answer. Required: Assuming the company uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. If "No Entry" is needed, please indicate "No Entry". Reference: Account Title Debit: Credit: (d) 8/4/2024 type your answer... type your answer. type your answer... type your answer. type your answer. type your answer. (e) 8/8/2024 type your answer... type your answer. type your answer. type your answer... type your answer. (f) 8/12/2024 type your answer... type your answer. type your answer. type your answer. type your answer... type your answer. type your answer. type your answer... type your answer. type your answer. Required: Answer the question below. g. At what price would the purchase on August 4 be recorded if the net method were used? type your answer... SJS Industries purchased $30,000 of merchandise on August 4, 2025, subject to a trade discount of 6% and with credit terms of 2/10, n/30. The company returned $2,500 (gross price before trade or cash discount) on August 8. The company paid the invoice on August 12. Required: Assuming the company uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. If "No Entry" is needed, please indicate "No Entry" Reference: Account Title Debit: Credit: (a) 8/4/2024 type your answer.... type your answer. type your answer. type your answer... type your answer. type your answer. (b) 8/8/2024 type your answer... type your answer. type your answer. type your answer... type your answer. type your answer. (c) 8/12/2024 type your answer.... type your answer. type your answer. type your answer... type your answer. type your answer. type your answer... type your answer. type your answer. Required: Assuming the company uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. If "No Entry" is needed, please indicate "No Entry". Reference: Account Title Debit: Credit: (d) 8/4/2024 type your answer... type your answer. type your answer... type your answer. type your answer. type your answer. (e) 8/8/2024 type your answer... type your answer. type your answer. type your answer... type your answer. (f) 8/12/2024 type your answer... type your answer. type your answer. type your answer. type your answer... type your answer. type your answer. type your answer... type your answer. type your answer. Required: Answer the question below. g. At what price would the purchase on August 4 be recorded if the net method were used? type your answer...

Answer rating: 100% (QA)

a 842024 Periodic Method Gross Method Account Title Debit Credit Purchases 28200 Accounts Payable 28200 Explanation The purchase of merchandise is rec... View the full answer