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 for a cash refund. The cost of the merchandise returned is $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 he refund.

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Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

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

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Question Posted: May 22, 2017 09:49 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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