1. On January 15, a business purchases $11,000 of merchandise inventory on credit from a vendor. The terms of the sale are 2%/10, net 30. The business uses the perpetual inventory system.

1. Prepare any necessary journal entries to record the purchase on January 15.

2. On January 17, the business returns $1,000 of merchandise inventory from the January 15 purchase to the vendor. Prepare any necessary journal entries to record the return on January 17.

3. On January 22, the business pays the entire amount due on the January 15 purchase. Prepare any necessary journal entries to record the payment on January 22.