Question

Pronghorn Industries purchased $11,700 of merchandise on February 1, 2017, subject to a trade discount of...

Pronghorn Industries purchased $11,700 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,000 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.
Assuming that Pronghorn 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 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Feb. 1Feb. 4Feb. 13

Feb. 1Feb. 4Feb. 13

Feb. 1Feb. 4Feb. 13

SHOW LIST OF ACCOUNTS

LINK TO TEXT
Assuming that Pronghorn 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 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Feb. 1Feb. 4Feb. 13

Feb. 1Feb. 4Feb. 13

Feb. 1Feb. 4Feb. 13

SHOW LIST OF ACCOUNTS

LINK TO TEXT
At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to 0 decimal places, e.g. 6,578.)
Net price $
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