Homework Help: Accounting

Posted by Nick on Thursday, September 8, 2011 at 7:52pm.

can somebody please explain to me how to do this problem: Cruise Industries purchased $10,800 of merchandise on February 1, 2007, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.

At what amount would the purchase on February 1 be recorded if the net method were used?

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