On June 3, Zhang Co., which uses a perpetual inventory system, received and recorded a $3,500 invoice for merchandise on which the terms were 2/10, n/60. The company uses the gross method to records invoices. On August 2, the company discovered that the invoice had been incorrectly filed and the discount lost. The company paid the invoice on August 2. Prepare the June 3 general journal entry to record the purchase and the August 2 entry to record payment of the invoice.

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The Answer of On June 3, Zhang Co., which uses a perpetual inventory system, received and recorded a $3,500 invoice for merchandise on which the terms were 2/10, n/60. The company uses the gross method to records invoices. On August 2, the company discovered that the invoice had been incorrectly filed and the discount lost. The company paid the invoice on August 2. Prepare the June 3 general journal entry to record the purchase and the August 2 entry to record payment of the invoice.