Perpetual System- Recording Purchases and Payments with Discounts using Net Method Track Bicycles Inc. purchased merchandise inventory on February 1, 2020, for $85,000 on account, terms 2/10, n/30. The company maintains a perpetual inventory system and accounts for purchases using the net method. The full balance of $85,000 was paid on February 9, 2020. Record the purchases entry on February 1, 2020, and the payment entry on February 9, 2020. 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 Feb. 1, 2020 Dr. Cr. o O 0 . + 0 0 Feb. 9, 2020 0 0 0 0 Cash 0 0