Both sides now: Buying and selling of merchandise Lerner Company purchased merchandise for resale from Pearson Company with an invoice price of $2,000 and credit terms of 2/10,n/60. The merchandise had cost Pearson $1,100. Lerner paid within the discount period. Assume that the seller uses a perpetual inventory system. a) Prepare entries that the buyer Lerner Company should record for the purchase and for the subsequent cash payment Date Accounts Debits Credits (no dates) b) Prepare entries that the seller Pearson should record for the sale and for the subsequent cash collection. (no dates)