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Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10, n/30. The Stationery Company returned $1,200 of the merchandise

Purchase-Related Transactions

The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10, n/30. The Stationery Company returned $1,200 of the merchandise and received full credit.

a. If Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment?

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

Cost of Merchandise Sold ? Inventory ? Sales ? Accounts Payable?

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