McIntyre Company made a purchase of merchandise on credit from Marvin Company on August 8 for $11000 terms 3/10 n/30. On August 17 McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is: d.
$\begin{array}{lrr}\text{ Accounts Payable}& 11,000& \\ \text{ Inventory}& & 330\\ \text{Cash }& & 10,670\end{array}$

Purchase

The process of purchasing products, services, or assets by paying money or something of similar value.

Merchandise

Goods that are bought and sold in the normal course of business, typically in a retail or wholesale setting.

Credit

An accounting entry that increases liabilities and equity accounts or decreases assets and expense accounts, recorded on the right side of a ledger.