Flagstaff Corporation uses the perpetual inventory method. On March 1, it purchased $120,000 of merchandise inventory, terms 2/10, n/30. On March 3, Flagstaff returned goods (not damaged) that cost $12,000. On March 9, Flagstaff paid the supplier.
On March 9, Flagstaff should credit:

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Flagstaff records the following entries:
 11ee7640_e1e8_d17f_90da_bd61c6394867_TBCB1007_00 11ee7640_e1e8_d180_90da_f9569924240e_TBCB1007_00 11ee7640_e1e8_d181_90da_2f51af5216dd_TBCB1007_00

Flagstaff Corporation Uses the Perpetual Inventory Method