Meteor Co. purchased merchandise on March 4, 2021, at a price of $41,000, subject to credit terms of 2/10,n/30. Meteor uses the net method for recording purchases and uses a periodic inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on March 11, 2021 and April 2, 2021.
