On October 5, your company buys and receives inventory costing $5,600, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase. Prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the net method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet B Record the $5,600 purchase of goods from a manufacturer on terms 2/30, n/60 on October 5 using the net method. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal On October 5, your company buys and receives inventory costing $5,600, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase. Prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the net method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < A B Record the payment made for goods purchased on October 5. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal