On August 1, Burkett Company bought goods with a list price of $7,200, terms 2/10, n/30. The firm records purchases at invoice price using the perpetual inventory system. On August 5, Burkett returned goods with a list price of $900 for credit.
If Burkett paid the supplier the amount due on August 9, the appropriate entry would be:

Question

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Burkett records the following entries:
August 1: Inventory $7,200
$\quad $ $\quad $ $\quad $ $\quad $ $\quad $ Accounts payable $7,200
To record purchase of goods on credit
August 5: Accounts payable $ 900
$\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ Inventory $ 900
To record purchase returns
August 9: Accounts payable $6,300
$\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ Inventory $ 126
$\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ Cash $6,174
To record purchase discount and payment

On August 1, Burkett Company Bought Goods with a List \quad

On August 1, Burkett Company Bought Goods with a List $\quad$