=+2/10, n/30. The cost ofthe merchandise sold is $8,800. Sellers Co. issues a credit memorandum for $3,750
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=+2/10, n/30. The cost ofthe merchandise sold is $8,800. Sellers Co. issues a credit memorandum for $3,750 for merchandise returned and subsequently receives the amount due within the discount period. The cost ofthe merchandise returned is $2,100. Illustrate the effects on the accounts and financial statements of Sellers Co. for
(a) the sale, including the cost ofthe mer¬
chandise sold,
(b) the credit memorandum, including the cost ofthe returned merchandise, and
(c) the receipt ofthe check for the amount due from Beyer Co.
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