Assume the company uses the periodic inventory method Dec 10: Purchased 10,000 of merchandise on account; terms
Question:
Dec 10: Purchased 10,000 of merchandise on account; terms 2/10, n\30
Dec 14: Returned 2,000 of merchandise purchased on December 10
Dec 22: purchased 20,000 of merchandise on account terms 1/15 n/60
as of December 31, none of the amounts incurred during December were paid. assume all appropriate entries were made on the dates above including ant necessary month end adjustments
1) if the moss complaint records purchase at gross
a) determine the amount of accounts payable that will appear on the balance sheet dates December 31 20x1
b) determine the amount of bet purchases for the month of December
2) if the moss company record purchase at net
a) determine the amount of account payable that will appear on the balance sheet dates December 31 20x1
b) determine the amount of net purchases for the month of December :
