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 $$120,000$ and credit terms of $\frac{4}{10},\frac{n}{30}.$ August $11$ Paid supplier the amount owed from the August $1$ purchase.

Journal entry worksheet

$1$

$2$

Purchased merchandise with an invoice price of $$120,000$ and credit terms of $\frac{4}{10},\frac{n}{30}.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$August $01,,,],[,,,],[,,,],[,,,]]$