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)