Abuyer uses a perpetual inventory system, and on december 7, it contacts its supplier to report that some of the merchandise purchased on december 5 was defective. the seller offered to reduce the merchandise price by $400. the buyer agreed to keep the defective merchandise under those terms. complete the buyer's necessary journal entry.

The answer is: record a $400 debit on accounts payable and a $400 credit on merchandise inventory

Explanation:

The buyer should record a debit on accounts payable for $400, and should record a credit for merchandise inventory for $400.

Accounts payable is a liability, so when you record a debit, you are decreasing it.

Merchandise inventory is a current asset, so when you record a credit, you are decreasing it.

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