Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On

Question:

Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system.