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A company purchases inventory for $10,000, with terms 3/10, n/30. The company uses a perpetual system and the net method to record purchases. To record this transaction, the company debits the Inventory account for $9,970. Which of the following statements is correct? Multiple Choice The recorded amount should instead be $9,700. The company should instead credit Inventory. Two of the other answers are correct. The company should instead debit Purchases.

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Answer:

The recorded amount should instead be $9,700.

Explanation:

Purchases inventory $10,000 - (3%× $10,000) 300 =$9,700

HENCE:

The recorded amount should instead be $9,700 which means the company was not suppose to debits the Inventory account for $9,970 but should be recorded as $9,700 .

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