College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 11A, Problem 1SEA
PURCHASES TRANSACTIONS—GROS-PRICE AND NET-PRICE METHODS Romero’s Heating and Cooling had the following transactions during April:
Apr. 2 Purchased merchandise on account from Alanon Valve for $1,000, terms 2/10, n/30.
5 Purchased merchandise on account from Leon’s Garage for $1,400, terms 1/10, n/30.
11 Paid the amount due to Alanon Valve for the purchase on April 2.
25 Paid the amount due to Leon’s Garage for the purchase on April 5.
- 1. Prepare general
journal entries for these transactions using the gross-price method. - 2. Prepare general journal entries for these transactions using the net-price method.
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