Malone Corporation uses a periodic system and the gross method. On March 1, it purchased...
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Malone Corporation uses a periodic system and the gross method. On March 1, it purchased $80,000 of inventory, terms 2/10, 1/30. On March 3, Malone returned goods that cost $8,000. On March 9, Malone paid the supplier. On March 9, Malone should credit: accounts payable for $80,000 purchase discounts lost for $1,600 purchase discounts for $1.440. cash for $72.000
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