Question: Elite Company purchased merchandise on account from a supplier for

Elite Company purchased merchandise on account from a supplier for $23,500 terms 1/10, n/30. Elite Company returned $1,700 of the merchandise and received full credit.
a. If Elite Company pays the invoice within the discount period, what is the amount of cash required for the payment?
b. Under a perpetual inventory system, what account is debited by Elite Company to record the return?

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  • CreatedSeptember 15, 2015
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