ABC Company purchased $10,000 of merchandise on account from XYZ Company; terms are 3/10, n/30. Assume both companies use a perpetual inventory system and the buyer recorded the purchase at gross. If the invoice is paid within the discount period, how is the payment recorded by each company? ABC debits Account Payable for $9,700; XYZ credits Account Receivable for $10,000 ABC debits Account Receivable for $9,700; XYZ credits Account Payable for $9,700 ABC debits Account Receivable for $10,000; XYZ credits Account Payable for $10,000 ABC debits Account Payable for $9,700; XYZ credits Account Receivable for $9,700 ABC debits Account Payable for $10,000; XYZ credits Account Receivable for $10,000 ABC debits Account Receivable for $9,700; XYZ credits Account Payable for $10,000