On January 4, 2013, Dunbar Company purchased, on credit, 2,000 television sets at $500 each. Terms of the purchase were 2/10, n/30. Dunbar paid for 20% of these sets on January 13 and the remaining 80% on February 1

1. Prepare the journal entries on Dunbar Company's books, assuming that it uses the net price method to record its merchandise. (Dunbar uses a perpetual inventory system.) For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

I thought I knew exactly what I was doing, but everything I try comes back wrong. Could really use some insight! Thanks!

Heres how I did it :

Inventory 800,000 X (debit)

Acct. Payable 800,000 X(CR)

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Accounts Payables 160,000 X(Debit)

Cash 160,000 X(CR)

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Accounts Payable 160,000 X(debit)

Purchases Disc Lost 160,000X (Debit)

Cash 800,000(cr)

I marked an X next to the wrong answers. Please help! Thanks.