Nick’s Fish Market purchased Maine lobster on account on October 10, 1997, for a gross price of $76,000. Nick also purchased Alaskan king crab on account on October 11, 1997, for a gross price of $36,000. The terms of both sales were 2/15, n/30. Nick paid for the first purchase on October 20, 1997, and for the second purchase on October 30, 1997. He uses the perpetual inventory method.

REQUIRED:

Prepare journal entries for each transaction.