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On January 1, Nittany Lion Company purchases 400 units of Product H from Supplier Company for $10,000 with payment terms of 3/10, n/30. Nittany Lion
On January 1, Nittany Lion Company purchases 400 units of Product H from Supplier Company for $10,000 with payment terms of 3/10, n/30. Nittany Lion Company uses the Net Method to account for purchases. On January 2, Nittany Lion Company returns 8 units to Supplier Company and records the return in the accounting system as a reduction in accounts payable owed to Supplier Company. On January 3, what is the balance of Nittany Lion Company's accounts payable related to this transaction?
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