Mastering Inventory Section 2-INVENTORY RECORDKEEPING USING THE PERPETUAL METHOD 1. On July 13, Ainsley Co. orders inventory with an invoice price of $20,000, FOB destination. On July 17, the goods and invoice are received. On July 21, Ainsley pays the invoice in full. On July 30, the inventory is sold on account for $30,000. Prepare the journal entries to record each transaction under the perpetual method. aca transaction under the perpetual method. 3. Wasatch Tech purchases goods with an invoice price of $4,200 and terms of 3/10, n/30 and pays the net amount after 8 days. Prepare the journal entries to record the purchase and payment if Wasatch books cash discounts: a. at gross. b. at net. 5. GemStone sells 500 units of inventory for $12,000 on account. The units cost $10 each. The customer returns 50 units before paying the invoice. Prepare the journal entries to record each transaction under the perpetual method