On July 1, Alvarez, Inc. purchased merchandise for $2,200 with terms of 2/10, n/30. On July 5, the firm returned $1,000 of the merchandise to the seller. Payment of the account occurred on July 8. Alvarez uses the perpetual inventory system. Not complete Marked out of 8.00 P Flag question Recording Purchases-Perpetual System On July 1, Alvarez, Inc. purchased merchandise for $2,200 with terms of 2/10, 1/30. On July 5, the firm returne Required a. Prepare the journal entries for July 1, July 5, and July 8. Date General Journal July 1 Description Debit Credit To record purchase of merchandise terms 2/10, 1/30 To record returned merchandise To record the paid amount oue within the court per od for the purchase b. Assuming that the account was paid on July 14 prepare the journal entry for payment on that date. General Journal Date Description July 14 Debit Credit To record the bald amount on the july purchase Check Previous 13 Save Answers Question 5 Not complete Marked out of 8.00 P Flag question Recording Purchases-Perpetual System On July 1, Alvarez, Inc. purchased merchandise for $2,200 with terms of 2/10, n/30. On July 5, the fir Required a. Prepare the journal entries for July 1, July 5, and July 8. General Journal Description Debit Credit July 1 Date To record purchase of merchandise, terms 2/10, 1/30. To record returned merchandise. To Accounts Payable Cash Inventory b. Assuming that the account was paid on July 14, prepare the journal entry for payment on that date. General Journal Date Description Debit Credit July 14 To record the paid amount due on the July 1 purchase. Check Previous Save Answers To record returned merchandise. Cash To record the paid amount due within the discount period for the July 1 purchase. b. Assuming that the account was paid on July 14, prepare the journal entry for payment General Journal Date Description Debit Credit July 14 Check Accounts Payable Cash Inventory Previous Save Answers