8. On October 9, 2020, Polk Corporation sold merchandise to a customer for $1,000,000 on credit, terms 2/10, n/30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14. What account should Polk Corporation debit on October 14? Polk uses periodic inventory system. a. Accounts Receivable for $980,000. b. Cash for $1,000,000. c. Cash for $980,000 d. Accounts Receivable for $1,000,000 9. Butterfly, Inc, purchased merchandise from a supplier on October 1, 2020, for $50,000 on account, terms 1/10 n/30. What entry would Butterfly use to record this purchase if the company uses perpetual inventory system. a. Accounts Payable 50,000 Inventory 50,000 b. Inventory 49,500 Accounts Payable 49,500 c. Purchases 49,500 Accounts Payable 49,500 d. Inventory 50,000 Accounts Payable 50,000