(Appendix) PURCHASES RECORDED NET. Clean Wheels Car Wash purchased $54,200

(list price) of soap for its car-washing machines. The seller offered credit terms of 2/10, n/20. Clean Wheels records purchases net of discounts. LO2 REQUIRED:

1. Prepare the entry to record this purchase in Clean Wheels’ journal.

2. Assume the payment for this purchase is made within 10 days. Prepare the journal entry to record the payment.

3. Assume the payment for this purchase is made ate the end of the discount period.

Prepare the journal entry to record the payment.