Part 2: Recording Purchases on Account (20 Points) Maxwell Company uses the PERPETUAL INVENTORY METHOD Instructions: to account for purchases and sales. Prepare journal entries to record the following transactions for October 2017.(Omit explanations for the entries) October 5: Purchased inventory costing $80,000 on account with terms 2/10 n/30. Maxwell Company paid $500 to have the inventory delivered to its warehouse Date Debit Credit October 8: Returned inventory costing $8,000 that was purchased on October 5 Debit Credit Date Perpetual Inventory System October 13: Paid the $72,000 balance owed for the merchandise purchased on October 5. Perpetual Inventory SystemD Debit Date