Stober Corporation made two purchases of inventory on account during the month of March. The first purchase was made on March 5 for $30,000, and the second purchase was made on (The gross method and March 10 for $60,000. The terms of each purchase were 2/10, n/30. The first purchase was setpartialpayments) tied on March 13, and the second was settled on July 18. The company uses the perpetual inventory method. Chapter 7 Merchandise Inventory 347 P7-3 (The financial effects of inventory errors) P7-4 (The financial statement effects of inventory in transit and consignments) REQUIRED:

a. Prepare all the necessary journal entries associated with these transactions.

b. Assume that with respect to the second purchase, the company settled 2/3 of the accounts payable balance on March 19 and settled the remaining balance on August 7. The first pur¬ chase was settled on March 13. Prepare all the necessary journal entries associated with the second purchase