4-2 Problem Set Module Four xCengageNOWv2 |Online teachin lm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator &inprogress=false omepage - South... Purchases Transactions EL Nieman Company purchased merchandise on account from Springhill Company for $7,500, terms 1/10, n/30. Nieman returned merchandise with an invoice amount of $1,300 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answ to the nearest dollar. 2180 X b. What account is debited by Nieman Company to record the return? Accounts Payable-Springhill Company Feedback Check My Wan (al Since buyers normally take all purchase discounts, the net purchase price is recorded at the time of purchase if the buyer makes a return of merchandise or is granted a poce allowance for an invoice with a purchase discount the amount of the return is recorded at the invoice price less the discount (D) Any discounts of returns are recorded directly by the buyer viho reduces the balances of Accounts Payable and Merchandise inventory, using a debit memo based on the net cost of the merchandise