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Waterway Company uses a perpetual inventory system and made a purchase of merchandise on credit from Carla Vista Corporation on August 3, for $9200, terms

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Waterway Company uses a perpetual inventory system and made a purchase of merchandise on credit from Carla Vista Corporation on August 3, for $9200, terms 2/10, 1/45. On August 10, Waterway makes the appropriate payment to Carla Vista. The entry on August 10 for Waterway Company is Accounts Payable Cash 9200 9200 Accounts Payable 9016 Cash 9016 9200 Accounts Payable Purchase Returns and Allowances Cash 184 9016 9200 Accounts Payable Inventory Cash 184 9016

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