Eliminate any doubts of collection of the amount due. reduce its tax liability. decrease its net income for tax reporting purposes. Bennett's Clothing purchased goods on credit costing exist50,000 with terms of 3/10 n/30. Payment is made to the seller 7 days after the purchase. How would the payment be recorded? Debit Accounts Payable and credit Cash for exist50,000 Debit Accounts Payable for exist50,000. credit Cash for exist48, 500, and credit Cost of Goods Sold for exist1, 500 Debit Accounts Payable for exist50,000 credit Cash for exist48, 500, and credit Inventory for exist1, 500 Debit Inventory for exist1, 500, debit Cash for exist48, 500. and credit Accounts Payable for exist50,000 Flynn Company uses a perpetual inventory system and had the following transactions during November: a c November 6-Purchased exist5, 800 of inventory on account, terms 2/10, n/30. a c November 8-Returned exist800 of defective units and received full credit. a c November 15-Paid the amount due