A. Recording Purchases-Perpetual System On July 1, Alvarez, Inc. purchased merchandise of the merchandise to the seller. $2,500, with terms of 2/10, n/30. On July 5, the firm returned $800 Payment of the account occurred on July 8. Alvarez uses the perpetual inventory system. Required a. Prepare the journal entries for July 1, July 5, and July 8. b. Assuming that the account was paid on July 14, prepare the journal entry for payment on that date