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!. Required information Exercise 8-11(Algo) Trade and purchase discounts; the gross method and the...

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Required information
Exercise 8-11(Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3]
[The following information applies to the questions displayed below.]
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 310,n30. 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.
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