r/Accounting•
robwaltz410

I need help with a problem on my study guide

I been finding conflicting results on the interent regarding accounting for net/gross method. So im asking for help with this problem as i have an exam tuesday.

purchases gross method periodic inventory On Oct. 31OURCOMPANY purchased merchandise with an invoice price of $40,000 having terms 3/15 n/30 fob shipping point, which the supplier shipped on Nov. 2nd . We received the merchandise on Nov. 4th . Prepare the following entries using the gross method to record purchases in a periodic inventory system. Prepare the entry to record the purchase and include the appropriate date on which we should record the purchase. On Nov. 8th we returns goods having an invoice price of $6,000
On Nov. 9th when we pay our account in full

Posted May 15, 2016, 8:32 PM UTC

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