Refer to the information for Roley Corporation in BE13-2. Assume instead that Roley uses the net method of accounting for purchase discounts. Prepare all necessary journal entries for Roley.
In BE13-2
Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, Roley purchased $60,000 of inventory, terms 2/10, n/30, f.o.b. shipping point. Roley paid freight costs of $1,200. On July 3, Roley returned damaged goods and received a credit of $6,000. On July 10, Roley paid for the goods.