Cash Discounts CASE A Ace Hardware Store purchased merchandise from a supplier for P32,000, terms 2/10, n/30. Ace Hard- ware returned P2,000 of the merchandise and received a full credit. 1. If Ace Hardware pays the invoice within the discount period, what is the amount of cash required for the payment? 2. What account is credited by Ace Hardware to record the return? CASE B Solar Lamps sold various furnishing items to Blims Furniture for P140,000 less 10, 5; term 2/10 n/30. Blims paid Solar Lamps at the end of the discount period. 1. What is the amount of sales to be recorded by Solar Lamps? 2. What is the amount of cash discount taken by Blims Furniture? 3. What is the amount of cash received by Solar Lamps if Blims Furniture paid its accounts two days after the end of the discount period? 4. Give the journal entries in the books of the both the buyer and seller