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On December 3, Ainge Printing purchased Inventory listed at $7,400 from Craig Paper Supply

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On December 3, Ainge Printing purchased Inventory listed at $7,400 from Craig Paper Supply.

The terms of the purchase were 3/10, n/20.

Ainge Printing also purchased inventory from Tippetts Ink Wholesa!e, on December 10 for a list price of $10,300.

The terms of the purchase were 3/10, n/30.

On December 16, Ainge paid both suppliers for these purchases.

Ainge does not use a perpetual'. inventory system.

1. Give the entries to record the purchases and invoice payments assuming that;

(a) the net method is used and

(b) the gross method is used.

2. Assume that Ainge has not paid either of the Invoices on December 31.

Give the year-end adjusting entry, if the net method is used.