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

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Malone Corporation is entitled to a 2% discount on the net purchase of $27,000 ($30,000 - $3,000 return) if paid within 10 days. The discount is $540 (2% of $27,000), which should be credited to Inventory, reducing the inventory cost.

Malone Corporation Uses the Perpetual Inventory Method