QS 4-7 (Algo) Recording purchases and discounts missed LO P1 Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system Sept. 15 Purchased merchandise with an invoice price of $72,500 and credit terms of 5/5, 1/15. Sept. 29 Paid supplier the amount oved on the September 15 purchase. View transaction list 5 Journal entry worksheet