Bunker Auto Supply purchased inventory on January $4,2024,$ at a price of $$88,000,$ subject to credit terms of $310/$

$,$ n$30/$

$.$ Bunker uses the gross method for recording purchases and uses a periodic inventory system.

Required:

Prepare the journal entry to record the purchase.

Prepare the journal entry to record the payment of one$-$half the invoice amount on January $11,2024.$

Prepare the journal entry to record the balance of the amount due on February $2,2024.$