Avery Supplies uses the periodic inventory system. February 1, Avery purchased inventory on account for $10,000. The terms were 3/10, n/30. On February 2, Avery returned damaged goods worth $400 to the supplier and was granted an allowance. Give the journal entry for the payment if the invoice is paid after the discount period.

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The Answer of Avery Supplies uses the periodic inventory system. February 1, Avery purchased inventory on account for $10,000. The terms were 3/10, n/30. On February 2, Avery returned damaged goods worth $400 to the supplier and was granted an allowance. Give the journal entry for the payment if the invoice is paid after the discount period.

Avery Supplies Uses the Periodic Inventory System