Whispering Industries purchased $8,100 of merchandise on February 1, 2025, subject to a trade discount of...

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Whispering Industries purchased $8,100 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,100 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Your answer has been saved. See score details after the due date. Assuming that Whispering uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Feb. 1 Inventory Accounts Payable Feb. 4 Accounts Payable Debit 7290 1890 Credit 7290 Assuming that Whispering uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Feb. 1 Purchases Accounts Payable Feb. 4 Accounts Payable Purchase Returns and Allowances Feb. 13 Accounts Payable Purchase Discounts Cash Debit 7290 1890 5400 Credit 7290 1890 5238 162 Whispering Industries purchased $8,100 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,100 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Your answer has been saved. See score details after the due date. Assuming that Whispering uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Feb. 1 Inventory Accounts Payable Feb. 4 Accounts Payable Debit 7290 1890 Credit 7290 Assuming that Whispering uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Feb. 1 Purchases Accounts Payable Feb. 4 Accounts Payable Purchase Returns and Allowances Feb. 13 Accounts Payable Purchase Discounts Cash Debit 7290 1890 5400 Credit 7290 1890 5238 162

Answer rating: 100% (QA)

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