E4-8 Sales-related transactions After the amount due on a sale of $16,000, terms n/eom, is received from a customer within the credit period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $10,000. (a) What is the amount of the refund owed to the customer? (b) Illustrate the effects on the accounts and financial statements of the seller of the return and the refund. E4-8 Sales-related transactions After the amount due on a sale of $16,000, terms n/eom, is received from a customer within the credit period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $10,000. (a) What is the amount of the refund owed to the customer? (b) Illustrate the effects on the accounts and financial statements of the seller of the return and the refund