eBook Show Me How Sales-Related Transactions After the amount due on a sale of $20,200, terms 1/10, 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 $12,120. a. What is the amount of the refund owed to the customer? 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) (b) 38 Feedback Check My Work (b) Two entries are needed: one for the sales component, discount, and payment and one for the cost of the inventory sold and return of the merchandise to inventory. Check My Work Previous Next > X.05.01.ALGO EX.05.02 ALGO EX.05.04.ALGO return of the entire shipment for a cash refund. The cost of the merchandise returned is $12,120. a. What is the amount of the refund owed to the customer? 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. EX.05.05 (a EX.05.12.ALGO EX.05.20 9. EX.05.27 ALGO 10. EX.05.01.EXCEL ALGO 11. EX.05.26.EXCEL ALGO (b Accounts Payable Accounts Receivable Estimated Returns Inventory Inventory Purchases Sales Check My Work (b) Two entries are needed: one for the sales component, discount, and payment and one for the cost of the inventory sold and retum of the merchandise to inventory Progress: 7/11 items Check My Work ALGO ALGO ALGO ALGO 2.ALGO 20 27.ALGO 5.01.EXCEL ALGO After the amount due on a sale of $20,200, terms 1/10, 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 $12,120. a. What is the amount of the refund owed to the customer? 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) (b Cash Cost of Merchandise Sold Customer Refunds Payable Purchases Sales 5.26.EXCEL ALGO Sales Discounts ss: 7/11 items Check My Work e sales component, discount, and payment and one for the cost of the inventory sold and return of the merchandise to Previous Next >