Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. August 1 Purchased merchandise with an invoice price of $60,000 and credit terms of 3/10, n/30. August 11 Paid supplier the amount owed from the August 1 purchase. Journal entry worksheet Purchased merchandise with an invoice price of $60,000 and credit terms of 3/10,n/30 Note: Enter debits before credits