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Purchases Transactions Rolles Company purchased merchandise on account from Springhill Company for $7,500, terms 2/10, 1/30 Rolfes returned merchandise with an invoice amount of $1,600
Purchases Transactions Rolles Company purchased merchandise on account from Springhill Company for $7,500, terms 2/10, 1/30 Rolfes returned merchandise with an invoice amount of $1,600 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? 1 required, round the answer to the nearest dollar b. What account is debited by Rolfes Company to record the return? Accounts Payable-Springhill Company
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