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Required information

Exercise $8-11($Algo$)$ Trade and purchase discounts; the gross method and the net method compared $[$LO$8-3]$

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Comfort Company purchased $150$ units of inventory on November $17,2024.$ The units have a list price of $$460$ each, but Comfort was given a $20\%$ trade discount. The terms of the sale were $\frac{3}{10},\frac{n}{30}.$ Comfort uses a perpetual inventory system.

Exercise $8-11($Algo$)$ Parts $1$ and $2$

Required:

Prepare the journal entries to record the $($a$)$ purchase by Comfort on November $17$ and $($b$)$ payment on November $26,2024.$ Comfort uses the gross method of accounting for purchase discounts.

Prepare the journal entry for the payment, assuming instead that it was made on December $15,2024.$