Recording Journal Entries for Purchases and Purchase Discounts (Net Method) Using a Perpetual Inventory System Using the information below, prepare journal entries to record the transactions, assuming Axe records discounts using the net method in a perpetual inventory system. Forfeited discounts are charged to Other Operating Expenses.

Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.

6 Purchased goods from Munoz for $900 with terms 2/10, n/30.

14 Paid Green in full.

Feb. 2 Paid Munoz in full.

28 Purchased goods for $350 from Reynolds with terms n/45.