Required information [The following information applies to the questions displayed below.] Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following...

Extracted text: Required information [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 2 Purchased merchandise at a $3,000 price ($2,940 net), invoice dated October 2, terms 2/10, n/30 10 Returned $500 ($490 net) of merchandise purchased on October 2, and debited its accounts payable for that Oct amount 17 Purchased merchandise at a $5,400 price ($5,292 net), invoice dated October 17, terms 2/10, n/30 27 Paid for the merchandise purchased on October 17, less the discount 31 Paid for the merchandise purchased on October 2 (b) Prepare entries to record the above transactions assuming that Piere Imports records invoices at net amounts View transaction list View journal entry worksheet No Date General Journal Debit Credit Merchandise inventory 1 Oct 02 2,940 Accounts payable 2,940 Accounts payable 2 Oct 10 490 Merchandise inventory 490 Merchandise inventory 3 Oct 17 5,292 Accounts payable 5,292 Accounts payable 4 Oct 27 Cash Accounts payable 5 Oct 31