Elkins Corporation uses the perpetual inventory method.On March 1, it purchased $10,000 of inventory, terms 2\10, n\30.On March 3, Elkins returned goods that cost $1,000.On March 9, Elkins paid the supplier.On March 9, Elkins should credit

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Elkins Corporation received a 2% discount on the remaining $9,000 of inventory after the return, which amounts to $180. Under the perpetual inventory system, the inventory account is credited for the discount amount.

Elkins Corporation Uses the Perpetual Inventory Method