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7) Tahoe Ski Company uses the perpetual inventory system and the gross method of accounting...

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Accounting

7) Tahoe Ski Company uses the perpetual inventory system and the gross method of accounting for purchases. The company had the following transactions during January:

January 6: January 8: January 15:

Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30. Returned $200 worth of defective units and received full credit. Paid the amount due, less the returned items.

Prepare journal entries to record each of the preceding transactions.

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