required information Exercise 5-29C (Static) Net & gross methods: Recording purchases, sales, returns, and discounts-buyer and seller LO P7 [The following information applies to the questions displayed below) Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October October 2 Purchased merchandise at a $3,000 price ($2,940 net), invodce dated October 2, terms 2/10, n/30. October 10 Returned $500 ($450 net) of merchandise purchased on October 2 and debited its accounts payable for that amount. October 17 Purchased merchandise at a $5,400 price ($5,292 net), Invoice dated October 37, term 2/10, n/30, October 27 Paid for the merchandise purchased on October 17, less the discount. October 31 Paid for the merchandise purchased on October 2 No Date 1 October 02 Purchases 2 October 10 Accounts payable Accounts payable: Purchases General Journal October 17 Purchases Accounts payable October 27 Accounts payable Purchases discounts Cash October 31 Accounts payable Cash 00 00 00 000 00 Debit 3,000 500 Credit 3,000 500 00 5.600 5.600 5.600 105 5.292 * 2.500 2.500