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Cheyenne Industries purchased $13,300 of merchandise on February 1, 2017, subject to a trade discount...

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Accounting

Cheyenne Industries purchased $13,300 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,200 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.

1 Assuming that Cheyenne 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.) 2Assuming that Cheyenne 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.)

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