Also, for the problem below. Include the journal entries for the

1. purchase of merchandise inventory

2. Return of merchandise inventory

3. Payment for the inventory

290 PE 6-2B Purchases transactions OBJ. 2 Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit. a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is debited by Hoffman Company to record the return