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5 of 50 < > -/2 !!! Current Attempt in Progress Bonita Company uses the perpetual inventory system. Bonita Company made a purchase of merchandise

5 of 50 < > -/2 !!! Current Attempt in Progress Bonita Company uses the perpetual inventory system. Bonita Company made a purchase of merchandise on credit from Sandhill Company on August 8, for $8500, terms 2/10, n/30. On August 17, Bonita makes the appropriate payment to Sandhill. The entry on August 17 for Bonita Company is: Accounts Payable 8330 Cash 8330 Accounts Payable 8500 Purchase Returns and 170 Allowances Cash 8330 Accounts Payable 8500 Cash 8500 0 Accounts Payable 8500 Inventory 170 Cash 8330

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