Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions Chart of Accounts CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142 Allowance for Inventory Valuation 152 Prepaid Insurance 181 Equipment 510 Purchases 511 Purchase Returns and Allowances 198 Accumulated 512 Purchase Discounts Taken Donation 512 Duaca Dlate Last Instructions Chart of Accounts DICIULUI (X TUIUTIES UISUUTT LUSL 514 Loss on Purchase Commitment LIABILITIES 211 Accounts Payable 231 Salaries Payable 515 Recovery of Accrued Loss on Purchase Commitment 521 Insurance Expense 522 Utilities Expense 523 Salaries Expense 241 Accrued Loss on Purchase Commitment 251 Unearned Revenue EQUITY 524 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 311 Common Stock 331 Retained Earnings Check M