UESTION 1 Your company purchases $10,000 of inventory, 2/10, n/30. At the time of purchase, your firm debits Purchases for $10,000 and credits Account Payable for $10,000. If y company pays for the merchandise before the discount period lapses, you wil debit Purchase Discounts Lost for $200 O credit Purchase Discounts for $200 O debit Accounts Payable for $9,800 O credit Inventory for $200 O debit Purchase Discounts for $200 UESTION 2 Bendco, whic h uses the periodic method, purchases inventory for $2,500 cash. What is the journal entry to book the return of goods for $600 cash? debit Cash; credit Merchandise Inventory debit Cash; credit Purchase Returns and Allowances debit Cash; credit Cost of Goods Sold debit Cash: credit Sales k Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answe