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Question 28. McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10 n/30.

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Question 28. McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10 n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is: a.Debit Accounts Payable 8,000. Credit Cash 8,000. b.Debit Accounts Payable 7,760. Credit Cash 7,760. c.Debit Accounts Payable 8,000. Credit Purchase Returns and Allowances 260. Credit Cash 7,760. d.Debit Accounts Payable 8,000. Credit Inventory 240. Credit Cash 7,760. typed answer please

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