A Company Purchased Inventory for $100,000 on Account and Recorded

Essay

A company purchased inventory for $100,000 on account and recorded it as follows:
$$\begin{array} { | c | c | c | } \hline \text { Merchandise Inventory } & 100,000 & \\\hline \text { Accounts Payable } & & 100,000 \\\hline\end{array}$$ The vendor's invoice showed terms of 3/10,net 30.Prepare the journal entry for the purchaser for the payment of the invoice seven days after the invoice date,assuming that the purchaser uses the perpetual inventory system.