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On December 1, Scotch Company purchased $15,000 of inventory, terms 2/10, n/30. On December 5, the entity returned goods that cost $1,500. On December 11,
On December 1, Scotch Company purchased $15,000 of inventory, terms 2/10, n/30. On December 5, the entity returned goods that cost $1,500. On December 11, the entity paid the supplier. On December 11, what account should be credited?
a) Purchase discount for $300
b) Merchandise Inventory for $270
c) Merchandise Inventory for $300
d) Purchase discount for $270
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