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Prepare transactions using the gross-price method

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Reference no: EM132721992

Problem - Gloria's Repair Shop had the following transactions during May:

May 2 Purchased merchandise on account from Delgado's Supply for $900, terms 2/10, n/30.

May 6 Purchased merchandise on account from Goro's Auto Care for $1,200, terms 1/10, n/30.

May 11 Paid the amount due to Delgado's Supply for the purchase on May 2.

May 27 Paid the amount due to Goro's Auto Care for the purchase on May 6.

Required -

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.

Reference no: EM132721992

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