USE SEPARATE EXCEL ANSWER SHEET. Jan Company purchased $10,000 of merchandize inventory on credit, terms 3/10, n/30. Jan uses a periodic inventory system. 1) Prepare the general journal entry to record the cash payment for the purchase assuming a discount was received and the gross method of recording purchase discounts is used. 2) Prepare the general journal entry to record the cash payment for the purchase assuming the discount was forfeited and the net method of recording purchase discounts is used.