On October 5 , your company buys and recelves inventory costing $5,000, on terms 2/30,n/60. On October 20 , your company pay 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 gross method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the purchase of goods from a manufacturer on terms 2/30,n/60. for $5,000 on October 5. Note: Enter debits before credits. On October 5 , your company buys and receives inventory costing $5,000, 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 gross method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first. account field.) Journal entry worksheet Record the payment made for goods purchased on October 5 adjusting for the discount received for early payment on October 20 using gross method. Note: Enter debits belore credits