Tech Data Corp. uses a perpetual inventory system. The following activities occurred during May:
- May 1 – Tech Data purchased $100,000 worth of inventory, on credit terms 2/10 n/30.
- May 3 – Tech Data returned $20,000 worth of that inventory to the supplier.
- May 18- Tech Data paid for the inventory, taking advantage of all available discounts.
Prepare the journal entries to record the transactions above using the gross method.
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