Question

1. WizardIndustries purchased $13,100 of merchandise on February 1, 2012,subject to a trade discount of 8% and with credit terms of 3/15,n/60. It returned $3,500 (gross price before trade or cashdiscount) on February 4. The invoice was paid on February13.

(a)Assuming that Wizard uses the perpetual method for recordingmerchandise transactions, record the purchase, return, and paymentusing the gross method.

                                        Debit                           Credit

Feb. 1._________   

            _________

Feb. 4._________

            _________

Feb 13._________

            _________

            _________

Need helpjournalizing these trasactions