On August 1, Grayson Company bought goods with a list price of $4,800, terms 2/10, n/30. The firm records purchases at invoice price using the perpetual inventory system. On August 5, Grayson returned goods with a list price of $600 for credit. If Grayson paid the supplier the amount due on August 9, the appropriate entry would be: (A). Accounts Payable 4,200Inventory 84Cash 4,116 (B) Accounts Payable 4,800Inventory 96Cash 4,704 (C) Accounts Payable 4,116Cash 4,116 (D) Accounts Payable 4,200Cash 4,200
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