Apr. 14: Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. Description Date Apr. 14 Inventory Debit Credit 31,300 X Accounts Payable 31,300 X May 13: Paid the invoice of April 14 after the discount period had passed. Date Description May 13 Accounts Payable Inventory Cash Debit Credit 31,300 X 31,300