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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 $290$ units of inventory on November $17,2024.$ The units have a list price of $$200$ each, but Comfort was given a $25\%$ trade discount. The terms of the sale were $310/$

$,$ n$30/$

$.$ Comfort uses a perpetual inventory system.

Exercise $8-11($Algo$)$ Part $3$

$3.$ Prepare the journal entries to record the $($a$)$ purchase by Comfort on November $17$ and payment on November $26,2024,$ and $($b$)$ December $15,2024$ using the net method of accounting for purchase discounts. $3.$ Prepare the journal entries to record the $($a$)$ purchase by Comfort on November $17$ and payment on November $26,2024,$ and $($b$)$ December $15,2024$ using the net method of accounting for purchase discounts.