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Requlred Information

$[$The following information applies to the questions displayed below.$]$

Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following

transactions during the month of October.

October $2$ Purchased merchandise at a $$3,0$ price $($ $$2,940$ net$),$ invoice dated October $2,$ terms $\frac{2}{10},$

n$/30.$

October $10$ Returned $$590($ $$490$ net$)$ of merchandise purchased on October $2$ and debited its accounts payable

for that amount.

October $17$ Purchased merchandise at a $$5,460$ price $($ $$5,292$ net$),$ invoice dated October $17,$ terms $\frac{2}{10},$

n$/30.$

October $27$ Paid for the merchandise purchased on October $17,$ less the discount.

October $31$ Paid for the merchandise purchased on October $2.$

$($a$)$ Prepare entries to record the above transactions assuming that Piere Imports records invoices at gross amounts.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

Purchased merchandise at a $$3,000$ price $($ $$2,940$ net$),$ invoice dated October

$2,$ terms $\frac{2}{10},\frac{n}{30}.$

Note: Enter debits before credits.