Perpetual System- Recording Purchases and Payments with Discounts Using Net Method Track Bicycles Inc. purchased merchandise inventory on February 1 for $93,500 on account, terms 2/10, n/30. The company maintains a perpetual inventory system and it accounts for purchases using the net 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. . Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). Date Account Name Dr. Cr. Feb. 1 Inventory v 91,600 O X Accounts Payable 0 91,600 x To record the purchase Feb. 9 Accounts Payable O X Purchase Discounts O O O O X Cash