Mar. 10: Made payment to Sherry Wholesalers for goods purchased on March 3, less return and discount. Date Accounts Debit Credit Mar. 10 Accounts Payable-Sherry Wholesalers Cash Merchandise Inventory Mar. 3: Purchased merchandise inventory on account from Sherry Wholesalers, $6,400. Terms 3/15, VEOM, FOB shipping point Date Accounts Debit Credit Mar. 3 Merchandise Inventory 6,400 6,400 Accounts Payable-Sherry Wholesalers