14. Customer Refunds Payable is an account used to record merchandise returns from customers. a. True b. False 15. A seller may grant a buyer a reduction in selling price and this is called a customer discount a. True b. False 16. Merchandise Inventory normally has a debit balance. a. True b. False 17. A buyer who acquires merchandise under credit terms of 1/10, n 30 has 30 days after the invoice date to take advantage of the sales discount. a. True b. False 18. When the seller offers a sales discount, even if borrowing has to be done, it is generally advantageous for the buyer to pay within the discount period. a True b. False 19. The abbreviation FOB stands for "free on board." 2. True b. False