accounting problem?

Question

goods costing $1,600 are purchased on account on july 15 with credit terms of 2/10, n/30. on july 18 the purchaser receives a $200 credit memo from the supplier for damaged goods. give the journal entry on july 24 record payment of the balance due within the discount period

Answer 1

From the purchaser's point of view and using the perpetual inventory system:
July 15
Dr Merchandise inventory 1,600
Cr A/cs payable 1,600

July 18
Dr A/cs payable 200
Cr Merchandise inventory 200

July 24
Dr A/cs payable 1,400
Cr Cash 1,372
Cr Merchandise inventory 28