Rolfes Company purchased merchandise on account from Springhill Company for $5,000, terms 2/10, 1/30. Rolfes returned merchandise with an invoice amount of $800 and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for the paymenit? If required, round the answer to the nearest dollar 84 X b. What account is debited by Rolfes Company to record the return? Merchandise Inventory X Feedback Check My Work (a) Since buyers normally take all purchase discounts, the not purchase price is recorded at the time of purchase. If the buyer makes a rotum of merchandise or in granted a price allowance 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 Payabia and Merchandise Inventory, using a debit momo based on the net cost of the merchandise Check My Work more Check My Work es remaining Previous Next > All work saved Save and Exit Submit Assignment for Grading tv 10 JO A MACROGRAM