Introduction to Accounting An Integrated Approach Eighth Edition Chapter 8 E8.6

8.6 Using perpetual inventory procedures, journalize the following transactions on the books of Murray Company for August. Assume Murray Company uses the net price method of recording direct material purchases. 8 Murray Company purchased $26,800 in direct materials from Bartunek Company; terms 2/10,n/30. 12 One group of items in the August 8 purchase was not up to the purchase specifications. Murray Company requested and was granted a $1,600 allowance on the gross price of those items. 16 Murray Company paid Bartunek Company for the purchase and took advantage of the cash discount. Refer to E8.6. Make the journal entries assuming Murray uses the gross price method. Refer to E8.6. Make the journal entries assuming Murray uses a periodic inventory system and the net price method. Refer to E8.6 and E8.7. Make the journal entries assuming Murray uses a periodic system and the gross price method. Refer to E8.6. Determine the effect of each of the events on the accounting equation. 8.6 Using perpetual inventory procedures, journalize the following transactions on the books of Murray Company for August. Assume Murray Company uses the net price method of recording direct material purchases. 8 Murray Company purchased $26,800 in direct materials from Bartunek Company; terms 2/10,n/30. 12 One group of items in the August 8 purchase was not up to the purchase specifications. Murray Company requested and was granted a $1,600 allowance on the gross price of those items. 16 Murray Company paid Bartunek Company for the purchase and took advantage of the cash discount. Refer to E8.6. Make the journal entries assuming Murray uses the gross price method. Refer to E8.6. Make the journal entries assuming Murray uses a periodic inventory system and the net price method. Refer to E8.6 and E8.7. Make the journal entries assuming Murray uses a periodic system and the gross price method. Refer to E8.6. Determine the effect of each of the events on the accounting equation