Problem $3$

Tara Marie Corp. purchased merchandise during $2024$ on credit for $$500,000$; terms $3/10,\frac{n}{30}.$

All of the liability was paid within the discount period except for $$50,000.$ The $$50,000$

remaining balance was paid within the $30-$day credit period.

Required:

Assuming that the net method is used for recording purchases, prepare the entries for the

purchase and two subsequent payments.