Travis Company purchased merchandise on account from a supplier for $5,700, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.​
Under a perpetual inventory system, record the journal entries required for the above transactions.

Credit Terms

Agreed upon conditions under which a buyer can pay at a later time for goods or services received, typically specifying the time period and any discount for early payment.

Perpetual Inventory System

An accounting method that records inventory transactions in real-time, immediately affecting the inventory account whenever an item is received or sold.

Discount Period

The time frame between the onset of a payment period and the due date when a discount for early payment is available.