Question: please expain Gescue Sequences LLC purchased inventory by issuing a $30,000,60-day, non-interest bearing note on October 1, Assume that the note is discounted at a
please expain

Gescue Sequences LLC purchased inventory by issuing a $30,000,60-day, non-interest bearing note on October 1, Assume that the note is discounted at a 15% rate. Required; Propare the joumat entries for Rescue Soquencos to record the purchase and payment assuming it uses a porpetuat inventory system and a Prepare the joumal entries for Rescue Sequences to recond the purchase and payment assuming it uses a perpetual inventary system and a 360 -day calendar fiscal year. General Joumal instructions
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