Brady needs to record journal entries for various inventory purchases on account and subsequent payments. Record the journal entries using both the gross and net methods.
11/1 Brady purchased 20 tables on account from David's Place for $4,000 with terms of 2/15, n 30.
11/4 Brady returned 3 tables to David's Place because they were found defective.
11/12 Brady paid for ten of the tables.
11/15 Brady paid a shipping bill for the tables from UPS for $300.
12/2 Brady paid the balance due to David's Place for the table purchase.