epare journal entries to record each of the following transactions. The company records purchases using the gross method and a rpetual inventory system. ugust 1 Purchased merchandise with an invoice price of $75,000 and credit terms of 4/10,n/30. gust 11 Paid supplier the amount owed from the August 1 purchase. Journal entry worksheet Purchased merchandise with an invoice price of $75,000 and credit terms of 4/10,n/30. Note: Enter debits before credits