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12 questions E8-8 (Purchases Recorded, Gross Method) Cruise Industries purchased $10,800 of merchandise on February 1, 2014, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Instructions (a)Assuming that Cruise uses the perpetual method for recording merchandise […]