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eBook Show Me How Question Content Area Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $18,600, terms 1/10, n/30. Oppenheimer Company

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Purchase-Related Transactions

Oppenheimer Company purchased merchandise on account from a supplier for $18,600, terms 1/10, n/30. Oppenheimer Company returned $2,400 of the merchandise and received full credit.

a. What is the amount of cash required for the payment within the discount period?

b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return?

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