Comfort Company purchased $100$ units of inventory on November $17,2024.$ The units have a list price of $$500$

each, but Comfort was given a $30\%$ trade discount. The terms of the sale were $\frac{2}{10},\frac{n}{30}.$ Comfort uses a perpetual

inventory system.

Requiredi

Prepare the journal entries to record the $($a$)$ purchase by Comfort on November $17$ and $($b$)$ payment on

November $26,2024.$ Comfort uses the gross method of acsounting for purchase discounts.

Prepare the journal entry for the payment, assuming instead that it was made on December $15,2024.$

Repeat requirements $1$ and $2$ using the net method of accounting for purchase discounts.