Concord Company uses a perpetual inventory system and made a purchase of merchandise on credit from Ivanhoe Corporation on August 3, for $9700, terms 2/10, n/45. On August 10, Concord makes the appropriate payment to Ivanhoe. The entry on August 10 for Concord Company is Accounts Payable Cash 9700 9700 Accounts Payable 9506 Cash 9506 Accounts Payable 9700 Purchase Returns and 194 Allowances Cash 9506 Accounts Payable: 9700 194 Inventory Cash 9506