After the amount due on a sale of $26,500, 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 on March 1. The cost of the merchandise returned was $13,050. Required: (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. Refer to the Chart of Accounts for exact wording of account titles.
After the amount due on a sale of $26,500, 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 on March 1. The cost of the merchandise returned was $13,050. Required: (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. Refer to the Chart of Accounts for exact wording of account titles.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....
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After the amount due on a sale of $26,500, 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 on March 1. The cost of the merchandise returned was $13,050.
Required:
| (a) | What is the amount of the refund owed to the customer? |
| (b) |
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