Record the purchase and payment using the gross method

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Oriole Industries purchased $ 13,300 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $ 3,200 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.

Problem 1: Assuming that Oriole uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.

Reference no: EM133009570

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