Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated March 3, 2022, for...
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Accounting
Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated March 3, 2022, for $1,500 with terms 3/15,n/30. 1. Using the GROSS method of recording purchases, complete the following 3 questions: 1) Record the purchase of the inventory. 2) Record the payment of the invoice within the discount period. 3) Record the payment of the invoice after the discount period. 2. Using the NET method of recording purchases, complete the following 3 questions: 1) Record the purchase of the inventory. 2) Record the payment of the invoice within the discount period. 3) Record the payment of the invoice after the discount period
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