QS 4-6 Recording purchases and discounts taken LO P Prepare journal entries to record each of the perpetual Inventory system. following transactions. The company records purchases using the gross method and a aug. 1 Parchased merchandise with an invoice price of $114,000 and credit terns o Aug11 Paid supplier the asount oved tron the August 1 parchase. f 2/10, /3. Journal entry worksheet Purchased merchandise with an invoice price of $114,000 and credit terms of 2/10, n/30. Note: Enter debits before credits. Debit Aug 01 Record entry Next 2