On December 3 Rafael Company purchased inventory listed at P8,600 from Ardy Corporation with terms of purchase
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On December 3 Rafael Company purchased inventory listed at P8,600 from Ardy Corporation with terms of purchase of 3/10, n/20. Rafael Company also purchased inventory from Ardy Company on December 10 for a list price of P7,500. Terms of the purchase were 3/10, n/30. On December 16, Rafael Company paid both suppliers for these purchases. Rafael Company uses the net method of purchasing. From Ardy's journal entries, he will include a credit of cash for
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