Harry and Sally own a clothing store. Vendors offer discounts on many of the store's purchases, and the owners are curious about whether to use the net or gross method of recording these purchases. They use the perpetual inventory system and want you to show them how to account for merchandise that has discounts available for early payment. Record the following transactions for them, using the net and gross me side by side so they can compare the results. Be sure to label the methods. Purchased merchandise invoiced at $7, 600, with terms of 2/10, n/30. Returned merchandise with an invoiced amount of $700 because it was defective. Paid for merchandise with an invoice price of $5,000. Paid the remainder owed on the invoice