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Accounting for merchandising operations.
A company purchased merchandise inventory costing $15,000 with credit terms of 2/10, n/30 on November 7. On November 15, the company paid 1/3 of the amount due. The remaining balance was paid on December 7.
Required:
a. Record the journal entries related to this transaction using the gross method of recording purchases.
b. Record the journal entries related to this transaction using the net method of recording purchases.
c. Which method do you prefer? Why?
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Determine each years absorption costing net operating income. Present your answer in the form of a reconciliation report as shown in Exhibit 7-4.
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