Instructions On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments. Required: Prepare journal entries for October 24 using the 1. gross price method 2. net price method CHART OF ACCOUNTS Conrad Beauty Supplies General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 131 Inventory EXPENSES 142 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 510 Purchases 198 Accumulated Depreciation 511 Purchase Returns and Allowances 512 Purchase Discounts Taken LIABILITIES 513 Purchase Discounts Lost 211 Accounts Payable 514 Loss on Purchase Commitment 231 Salaries Payable 521 Salaries Expense 251 Unearned Revenue 525 Interest Expense 261 Income Taxes Payable 532 Bad debt Expense 534 Insurance Expense EQUITY 536 Utilities Expense 311 Common Stock 541 Depreciation Expense 331 Retained Earnings 559 Miscellaneous Expense 910 Income Tax Expense