On April 1, 2021, York Inc. had an inventory of 15 chairs at a cost of $200 each. York uses a perpetual inventory system. During the month of April, the following transactions occurred: April 5 April 6 Purchased 40 chairs at a cost of $200 each from Office Depot, terms 2/10, n/30. Paid freight of $300 on the April 5 purchase. April 7 April 14 The journal entry to record the transaction on April 14 will be: Sold 8 chairs from the April 1 inventory for $320 each, terms 2/10, n/30 Paid Office Depot for the purchase made on April 5. Accounts Payable 8,000 Cash 7,840 Merchandise Inventory 160 Accounts Payable 8,000 Cash 7,840 Purchase Discounts 160 Purchase Cash 8,000 8,000 Accounts Payable 8,000 Cash 8,000