c. On 9/12 Year 7 $2,000 of ACCOUNTS PAYABLE is paid after the discount period. Phrase Account Category Affect Dr. or Cr. 1st: AL SER E contra + Dr Cr 2nd: AL SE RE contra + Dr Cr Accounts Debit Credit d. On 9/28 Year 7 INVENTORY originally purchased for $4,000 on 9/1 Year 7 and was paid for on 9/10 Year 7 is returned by the purchaser and a debit memorandum (a debit to A/P) is received from the seller. [Hint: the amount of cash involved in this transaction must take the 2% discount into account.] Phrase Account Category Affect Dr. or Cr. 1st: AL SERE contra + Dr Cr 2nd: AL SE RE contra Dr Cr Accounts Debit Credit