After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer
Question:
After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $16,800.
(a) What is the amount of the refund owed to the customer?
(b) Journalize the entries made by the seller to record the return and the refund.
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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