On May 1, Santelle Company purchased $800 of inventory on account with credit terms of 2/10, net 30. Santelle uses the perpetual inventory system. On May 2, the seller gave Santelle a $180 allowance due to a product defect. What journal entry did Santelle Company prepare on May 2? ... A. debit Accounts Payable for $180 and credit Inventory for $180 OB. debit Accounts Payable for $180 and credit Purchase Discounts for $180 OC. debit Cash for $180 and credit Accounts Payable for $180 O D. debit Accounts Payable for $180 and credit Purchase Returns and Allowances for $180

On May 1, Santelle Company purchased $800 of inventory on account with credit terms of 2/10, net 30 . Santelle uses the perpetual inventory system. On May 2, the seller gave Santelle a $180 allowance due to a product defect. What journal entry did Santelle Company prepare on May 2 ? A. debit Accounts Payable for $180 and credit Inventory for $180 B. debit Accounts Payable for $180 and credit Purchase Discounts for $180 C. debit Cash for $180 and credit Accounts Payable for $180 D. debit Accounts Payable for $180 and credit Purchase Returns and Allowances for $180