A company that uses the gross method of accounting for purchases and a perpetual inventory system purchased $8,500 of merchandise on March 25 with credit terms of 2/10, n/30. The invoice was paid in full on April 4. Prepare the journal entries to record the transactions on March 25 and April 4.

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The Answer of A company that uses the gross method of accounting for purchases and a perpetual inventory system purchased $8,500 of merchandise on March 25 with credit terms of 2/10, n/30. The invoice was paid in full on April 4. Prepare the journal entries to record the transactions on March 25 and April 4.

A Company That Uses the Gross Method of Accounting for Purchases