After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer

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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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Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Feb 28, 2014 08:04 AM

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After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer

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a 27440 28000 28000 2 b Sales ...View the full answer

Corporate Financial Accounting

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