Purchase-related transaction Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10,...
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Accounting
Purchase-related transaction
Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10, n/30. Burr Company returned $3,000 of the merchandise before payment was made and received full credit.
a. If Burr Company pays the invoice within the discount period, what is the amount of cash required for the payment? $
b. What account is decreased by Burr Company to record the return? Inventory
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