Sales$-$Related Transactions

After the amount due on a sale of $$23,200,$ terms $\frac{1}{10},\frac{n}{?}$ eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment, for a cash refund. The cost of the merchandise returned is $$13,920.$

a$.$ What is the amount of the refund owed to the customer?

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$($a$)$ The amount of the refund will be the merchandise returned less the discount.

b$.$ Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank.

$($a$)$ Estimated Returns Inventory grad

$($b$)$ Customer Refunds Payable $$

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