Day Company purchased $3,000 of merchandise on credit, terms 3/15 n/30. The entry to record payment for the merchandise within the discount period under a periodic inventory system would include a:

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Under a periodic inventory system, when payment is made within the discount period, the purchase discount is recorded. The discount is 3% of $3,000, which is $90. Therefore, the entry would include a credit to Purchase Discounts of $90.

Day Company Purchased $3,000 of Merchandise on Credit, Terms 3/15