Perpetual System - Recording Purchases and Payments with Discounts Using Gross Method Track Bicycles Inc. purchased merchandise inventory on February 1 for $102,000 on account, terms 2/10,n/30. The company maintains a perpetual inventory system and it accounts for purchases using the gross method. The amount due to settle the account was paid on February 9. Record the purchases entry on February 1 and the payment entry on February 9