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Marigold Company uses a perpetual inventory system and made a purchase of merchandise on credit from Cullumber Corporation on August 3, for $9600, terms 3/10,
Marigold Company uses a perpetual inventory system and made a purchase of merchandise on credit from Cullumber Corporation on August 3, for $9600, terms 3/10, n/45. On August 10, Marigold makes the appropriate payment to Cullumber. The entry on August 10 for Marigold Company is Accounts Payable Cash 9600 9600 Accounts Payable 9312 Cash Accounts Payable Purchase Returns and Allowances Cash 9312 9600 288 9312 Accounts Payable 9600 Inventory 288 Cash 9312
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