Knowledge Check 03 A buyer uses a perlodic Inventory system, and on December 7, it contacts a supplier to report that some of the merchandise it purchased on December 5 was defective. The suppler was unwilling to accept a return of that merchandise, but instead offered to reduce the price by $400. The buyer agreed to keep the defective merchandise under these terms. Complete the buyer's necessary journal entry by selecting the Account Names and dollar amounts from the drop-down menus. Date Account Title Debit Credit Dec. 7 select select select select select select Submit answer & continue