Patty's Pet Store purchased merchandise on October 10, 2021, at a price of $35,000, subject to credit terms of 2/10, n/30. Patty's uses the gross method for recording purchases and uses perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. Prepare the journal entry to record the payment of one-half the invoice amount on October 18, 2021. 3. Prepare the journal entry to record the payment of the balance of the amount due on November 8, 2021.
