Question 3 (1 point) On August 1 a company purchases $900,000 of merchandise inventory from a supplier on account. Terms are 1/10, n30. If the company uses a Periodic Inventory System, what journal entry would be made on August 1st? 891,000 891,000 Purchases Notes Payable Merchandise Inventory Interest Expense Notes Payable 891,000 9,000 900,000 900,000 Purchases Accounts Payable 900,000 Accounts Payable 900,000 Merchandise Inventory 900,000 Question 4 (1 point) See the previous question. On August 30, the due date of the account payable, what entry would our company make if they paid the account in full? 900,000 Notes Payable Purchase Discount Cash 9,000 891,000 900,000 Accounts Payable Cash 900,000 Accounts Payable Purchase Discount Cash 891,000 9,000 900,000 900,000 Accounts Payable Purchase Discount Cash 9,000 891,000