B c D 1 ACC 3300 Homework Exercise - Chapter 8 A N 3 5 4 (L.O.2) 1. On November 1, 2019, Garth purchased merchandise inventory costing $24,000 with credit terms of 2/10, net 30. Eight days after the purchase, Garth paid one-half of the outstanding obligation. The remaining amount was paid 30 days after the date of purchase. 6 7 8 9 10 Instructions: Prepare the journal entries Garth would make for the purchase and the two subsequent payments using the gross method and the Periodic Inventory Method. 11 12 13 16 17 Debit Credit NOTE: Remember to indent the Credit account entries. 15 General Journal Date Account Title 18 11/1/19 Merchandise Inventory 19 Accounts Payable 20 11/9/19 Accounts Payable Cash 24,000 24,000 12,000 21 12,000 22 23 24 25 25 27 Sheet1