After the amount due on a sale of $18,500, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $11,100. (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.
After the amount due on a sale of $18,500, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $11,100. (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.
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 $18,500, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $11,100. (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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