## Answers

Date | Account Tittle | Debit | Credit |

Dec. 5 | Inventory | $4,000 | |

Account Payable | $4,000 | ||

Inventory purchased on account | |||

Dec. 7 | Account Payable | 400 | |

Inventory | 400 | ||

To record defective inventory kept at reduce price | |||

Dec. 15 | Account Payable | 3,600 | |

Cash | 3,528 | ||

Inventory | 72 | ||

To record Payment of Invoices within discount period | |||

Discount = (4,000 -400) 0.02 = $72 |

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