M$6-20($Static$)$ Recording Journal Entries for Purchase Discounts $($Gross Method$)[$LO $6-$S$1]$ Journal entry worksheet

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Record the payment made for goods purchased on October $5$ adjusting for the

discount received for early payment on October $20$ using gross method.

Note: Enter debits before credits. Journal entry worksheet

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Record the purchase of goods from a manufacturer on terms $\frac{2}{30},\frac{n}{60}.$ for $$5,000$ on October $5.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit,$],[$October $05,,,,],[,,,,],[,,,,],[,,,,],[,,,,],[,,,,]]$

On October $5,$ your company buys and receives inventory costing $$5,000,$ on terms $2/30,$ n$/60.$ On October $20,$ your company pays the amount owed relating to the October $5$ purchase.

Required:

Prepare the journal entries needed on October $5$ and $20,$ assuming the company uses a perpetual system and records purchase discounts using the gross method.

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.