Accounting

On October 5 , your company buys and receives inventory costing $5,800, on terms 2/30,n/60. On October 20 , your company pays the amount owed relating to the October 5 purchase. Prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the net method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the $5,800 purchase of goods from a manufacturer on terms 2/30, n/60 on October 5 using the net method. Note: Enter debits before credits. Record the payment made for goods purchased on October 5. Note: Enter debits before credits