The Biz Company is a retail clothing store. Make journal entries (debit and credit) to record the following purchases of inventory. Please show equations.

January 1 Biz purchased inventory on account for $2,000. Terms are 2/10, n/30.

January 8 Biz paid for the inventory purchased in the above transactions.

January 27 Assume that the January 8 payment never took place. Instead, Biz made payment on January 27.