I EBOOK SHOW ME HOW Calculator Purchases Transactions Barans Company purchased merchandise on account from a supplier for $7,600, terms 2/10, n/30. Barans returned $1,500 of the merchandise and received full cred a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar $ 6,011 x b. What account is debited by Barans Company to record the return? Accounts Payable Feedback Check My Work (a) Since buyers normally take all purchase discounts, the net purchase price is recorded at the time of purchase. If the buyer makes a return of merchandise or is granted a price allowa for an invoice with a purchase discount, the amount of the return is recorded at the invoice price less the discount. (b) Any discounts or returns are recorded directly by the buyer who reduces the balances of Accounts Payable and Merchandise Inventory, using a debit memo based on the net cost of merchandise Learning Objective 2