Solar Co. purchased merchandise on Oct 15 at a price of $40,000, subject to credit terms of 1/10, n/45. Solar uses the net method for recording purchases and uses a periodic inventory system. Prepare the following journal entries.

#1 Oct 15 purchase of merchandise on account.

#2 On Oct 21, Solar returned $6,000 worth of the merchandise purchased above. Prepare the journal entry to record the transaction.

#3 Record the appropriate payment of the invoice on Oct 24.

#4 On Nov 8, Solar sold $10,000 of merchandise on account terms 2/10,n/30. Cost of the merchandise was $3,000. Prepare the journal entry using the net method for periodic inventory.