Question
After the amount due on a sale of $25,600, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to
After the amount due on a sale of $25,600, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $15,360.
a. What is the amount of the refund owed to the customer? $fill in the blank 58c159f6f07d02d_1
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(a) The amount of the refund will be the merchandise returned less the discount.
b. Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank.
| (a) | Inventory | fill in the blank 4164d4f4007af96_2 | fill in the blank 4164d4f4007af96_3 |
| Estimated Returns Inventory | fill in the blank 4164d4f4007af96_5 | fill in the blank 4164d4f4007af96_6 | |
| (b) | Customer Refunds Payable | fill in the blank 4164d4f4007af96_8 | fill in the blank 4164d4f4007af96_9 |
| Cash | fill in the blank 4164d4f4007af96_11 | fill in the blank 4164d4f4007af96_12 |
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Financial Accounting Second Custom Edition For The University Of Central Florida
Authors: Walter T. Jr, Horngren Harrison
2nd Custom Edition
0536986002, 978-0536986009
