Question: Please answer (c) using the net method Metlock Industries purchased $12,300 of merchandise on February 1, 2020, subject to a trade discount of 10% and

 Please answer (c) using the net method Metlock Industries purchased $12,300
of merchandise on February 1, 2020, subject to a trade discount of
10% and with credit terms of 3/15, 1/60, It returned $2,200 (gross
Please answer (c) using the net method

Metlock Industries purchased $12,300 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, 1/60, It returned $2,200 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Your Answer Correct Answer Your answer is correct. Assuming that Metlock 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 for the amounts. Round answers to decimal places, e3, 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manual) Date Account Titles and Explanation Debit Credit Feb. 1 Inventory 11070 Accounts Payable 11070 Feb 4 V Accounts Payable 1980 Inventory 1980 Feb. 13 Accounts Payable 9090 Inventory 273 Cash 8817 (b) Your answer is correct. Assuming that Metlock 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 for the amounts. Round answers to decimal places, eg. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Feb. 1 V Purchases 11070 Accounts Payable 11070 Feb 4 Accounts Payable 1980 Purchase Returns and Allowances 1980 Feb. 13 Accounts Payable 9090 Purchase Discounts 273 Cash 8817 (C) At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to decimal places, eg. 6,578) Net price

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