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  3. kingbird industries purchased $10,200 of merchandi

Kingbird Industries purchased $10,200 of merchandise on February 1,2025 , subject to a trade discount...

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Accounting

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image Kingbird Industries purchased $10,200 of merchandise on February 1,2025 , 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. (a) Assuming that Kingbird 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 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Assuming that Kingbird 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 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

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