Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $160,000 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 purchases on October 23 and the subsequent payment on October 31. General Journal Shaded cells have feedback. Using the net price method, prepare journal entries to record Johnson's purchases on October 23 and the subsequent payment on October 31. Johnson Company uses a perpetual inventory system. General Journal Instructions How does grading work? PAGE 1 GENERAL JOURNAL Score: 43/51 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Oct. 23 Inventory 160,000.00 2 Accounts Payable 160,000.00 3 Oct. 31 Accounts Payable 1,600.00 Cash 1,600.00 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $110,000 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. General Journal Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Johnson Company uses a perpetual inventory system General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 5