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Prepare journal entries for XYZ (the seller) for the following transactions using the gross method:...

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Accounting

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Prepare journal entries for XYZ (the seller) for the following transactions using the gross method: August 25. Houston Sound purchased various items at a purchase price of: S 358,260 XYZ: (the seller) cost for the items purchased was: $ 255.900 Purchase terms are 2/10, 1/30 (4 points). September 1. Houston Sound returned the following amount of inventory to XYZ: S 119,420 XYZ's cost of the inventory that was returned was: S 85,300 (4 points). September 3. Houston Sound paid for the following amount of the inventory: 153,540 (3 points). S September 19. Houston Sound paid for the following amount of the inventory: S 85,300 (2 points)

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