Oriole Corporation uses the perpetual inventory system and began business on April 1. During the month Oriole made inventory purchases of $84,500 on terms of 2/10, n/30. Oriole returned $3,700 worth of goods during the month. Oriole made all payments in time to take advantage of the offered cash discounts during the month. Oriole sold inventory on account with a value of $72,500 and a markup of 30% on the cost. These were the only inventory transactions during the month. Leo uses the gross method in accounting for cash discounts. Prepare the journal entries related to: (a) Your answer is correct. Prepare the journal entry related to the purchase of goods. (List debit entry before credit entry. Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Account Titles and Explanation Inventory Accounts Payable Debit 84500 Credit 84500