Purchase-related transactions Obj. 2 The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 and received full credit.

a. What is the amount of cash required for the payment?

b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?

AppendixLO1