Locust Company purchased merchandise on account from a supplier for $34,900, terms 1/10, n/30. Locust Company returned

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Locust Company purchased merchandise on account from a supplier for $34,900, terms 1/10, n/30. Locust Company returned $6,400 of the merchandise and received full credit.

a. If Locust 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 credited by Locust Company to record the return?

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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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Locust Company purchased merchandise on account from a supplier for $34,900, terms 1/10, n/30. Locust Company returned

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a Purchased merchandise 34900 Returns 6400 Discount Purchased merchandise Returns x ...View the full answer

Corporate Financial Accounting

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