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Sunland Industries purchased $10,700 of merchandise on February 1, 2020, subject...

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Sunland Industries purchased $10,700 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, 1/60. It returned $2,700 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Assuming that Sunland 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 O for the amounts. Round answers to O decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit st SO F0 DI DO 57 $ 2 3 % 5 6 & 7 8 C 9 ) 0 W E R T Y U 0 { S D F G H J . L

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