A company purchases merchandise on November 2 at a $3,000 invoice price (terms 3/10, n/30) and then pays all amounts owed on November 12. Using perpetual inventory and net purchases methods, what are the proper entries to record these two transactions?

Nov. 2 Merchandise Inventory 3,000 Accounts Payable 3,000 Nov. 11 Accounts Payable 3,000 Cash 3,000

Nov. 2 Merchandise Inventory 2,910 Accounts Payable 2,910 Nov. 11 Accounts Payable 2,910 Cash 2,910

Nov. 2 Merchandise Inventory 2,910 Accounts Payable 2,910 Nov. 11 Accounts Payable 2,910 Purchase Discounts Lost 90 Cash 3,000

Nov. 2 Merchandise Inventory 2,910 Accounts Payable 2,910 Nov. 11 Accounts Payable 2,910 Inventory 90 Cash 3,000

Nov. 2 Accounts Payable 2,910 Merchandise Inventory 2,910 Nov. 11 Accounts Payable 2,910 Purchase Discounts Lost 90 Cash 3,000