Addison Co. reports the information below.

May 1 Beginning Inventory (20,000 units @ $11.25)

May 2 Purchased 100,000 units @ $12.00 on terms 2/10, n/30

May 3 Returned 1,000 units from May 2^nd purchase

May 4 Sold 15,000 units @ $25.00

May 10 Purchased 40,000 units @ $12.50

Assume instead that the company uses the Net Method and the periodic inventory system. Prepare the journal entries on the following dates.

Answer: just need the calculations on how to get this answer

May 2	Purchases 1,176,000 A/P 1,176,000
May 3	A/P 11,760 Purchase Returns 11,760
May 4	Cash or A/R 375,000 Revenue 375,000
May 9	A/P 1,164,240 Cash 1,164,240