The Wheatland Company purchased merchandise on account from a supplier for $18,400, terms 1/10, n/30....
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Accounting
The Wheatland Company purchased merchandise on account from a supplier for $18,400, terms 1/10, n/30. The Wheatland Company returned $2,200 of the merchandise and received full credit.
a. What is the amount of cash required for the payment within the discount period? $
b. Under a perpetual inventory system, what account is credited by The Wheatland Company to record the return?
- Accounts receivable
-Cost of merchandise sold
- Credit card expense
- Delivery expense
- Merchandise inventory
- Sales
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