Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Sept. 15 Purchased merchandise with an invoice price of $35,000 and credit terms of 2/5, n/15. Sept. 29 Paid supplier the amount owed on the September 15 purchase. View transaction list Journal entry worksheet Purchased merchandise with an invoice price of $35,000 and credit terms of 2/5, n/15 Note: Enter debits before credits General Journal Debit redit Sept 15 Kleiner Merchandising Company Accumulated depreciation 700 5,000 1,700 1,450 3,980 9,500 Beginning inventory Ending Inventory Expenses Net Purchases Net Sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $12,500 14,000 700 800 200 1,300 Required: a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchan necessary b. Use the above information from a service company and from a merchandiser to compute net in Expenses Revenues Cash Prepaid rent Accounts payable Equipment $12,580 14,800 700 880 200 1,300 Required: a Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser. Hint. Not all information may be necessary b. Use the above information from a service company and from a merchandiser to compute net income. ces a. Goods available for sale Cost of goods sold Gross prof Net income for Krug Service Company Net income for Keiner Merchandising Company