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QS 4-6 (Algo) Recording purchases and discounts taken LO P1 Prepare journal entries to record each of the following transactions. The company records purchoses using the gross method and a perpetual inventory system. August 1 Purchased Eerchandise with an involice price of $87,600 and credit terms of 2/10,n/30. August 11 Paid supplier the anount owed from the August 1 purchase. Journal entry worksheet Purchased merchandise with an involce price of $87,000 and credit terms of 2/10,n/30. Noth: Enter debits betore creses. August 1 Purchased merchandise with an invoice price of $87,000 and credit terms of 2/16 August 11 Paid supplier the amount owed from the August 1 purchase. Journal entry worksheet Paid supplier the amount owed from the August 1 purchase. Note: Enter debits before credits