Please provide the formulas need to solve below. What is the formula when taking into account gross method? Company used the periodic inventory system for purchase & sales of merchandise.
Please provide the formulas need to solve below. What is the formula when taking into account gross
method?
Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
purchased on account $2,500 of merchandise on May 2, 2016.
returned $250 of this merchandise on May 3, 2016.
> Freight charges $150 were paid to purchaser.
Use this information to prepare General Journal entries
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