Purchases Transactions Berans Company purchased merchandise on account from Springhill Company for $11,700, terms 1/10, n/30. Barans returned merchandise with an invoice amount of $2,500 and received full credit. 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 b. What account is debited by Barans Company to record the return? Accounts Payable-Springhill Company (a) Since buyers normally take a purchase discounts, the net purchase price is recorded at the time of purchase. If the buyer makes a retum of merchandise or is granted a price allowance for an invoice purchase discount, the amount of the return is recorded at the invoice price less the discount (b) Any discounts or retums are recorded directly by t who reduces the balances of Accounts cost of the merchandise Payable and Merchandise Inventory using a debit memo based Check My Work Save and tat Previous Next Subme Assignment for Grading