A company purchased $1,800 worth of merchandise on July 5 with terms 2/10, n/30. On July 7, he returned $200 worth of merchandise. On July 8, he paid the full amount owed. Assuming the company uses the gross method to record purchases, 

Required:

The journal entry to record cash paid on July 8 is? 

Also, what is the gross method of recording purchases?

Answer rating: 100% (QA)

The journal entry to record cash paid on July 8 is Debit Accounts Payable 1600 Debit Purchase Discou... View the full answer