Kosmos Company purchased merchandise on account from a supplier for $21,500, terms 1/10, n/30.Kosmos Company returned $1,500
Question:
a. If Kosmos 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 Kosmos Company to record the return?
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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