Marsh uses a perpetual inventory system. On December 29, Marsh, Inc. sold inventory for $5,500 on account with terms 2/10 n/30. The customer pays on January 3. What amount will Marsh record in its inventory account on December 29?

no no entry will be made

Explanation:

Data provided in the question:

Date on which inventory sold, December 29

Amount of inventory sold = $5,500

Account terms = 2/10 n/30

Date on which amount is paid, January 3

Now,

Since the date on which the entry is being made (i. e December 29) is before the payment is actually made (i. e January 3). Therefore, no no entry will be made in its inventory account