Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system Aug. 1 Purchased merchandise with an invoice price of $111,000 and credit terms of 4/10, n/30. Aug. 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet 2 Purchased merchandise with an invoice price of $111,000 and credit terms of 4/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01