Purchases Transactions\ Rolfes Company purchased merchandise on account from a supplier for

$10,200

, terms

(1)/(10),(n)/(30)

. Rolfes Company returned

$1,600

of the merchandise and received full credit.\ a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for the payment?\ b. What account is credited by Rolfes Company to record the return?\ Merchandise Inventory

Purchases Transactions Rolfes Company purchased merchandise on account from a supplier for $10,200, terms 1/10,n/30. Rolfes Company returned $1,600 of the merchandise and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is credited by Rolfes Company to record the return? Merchandise Inventory