Our company uses the periodic system and the net method for accounting for inventory purchases and sales. Make the journal entry for the following items: A We purchased inventory on account, 2/10, net/30 $70,000 We paid for the purchase in A, but we paid too late to take the discount. We sold all of the merchandse we acquiired in A on account for $110,000, 3/10,net/20 We received payment for the sale in C, and our customer took the discount