Purchase Discounts Identify and analyze each of the following transactions of Buckeye Corporation. (All purchases on credit are made with terms of 1/10, n/30, and Buckeye uses the periodic system of inventory.)

July 3: Purchased merchandise on credit from Wildcat Corp. for $3,500.

July 6: Purchased merchandise on credit from Cyclone Company for $7,000.

July 12: Paid amount owed to Wildcat Corp.

August 5: Paid amount owed to Cyclone Company.

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