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Problem: Purchases Transactions

Rolfes Company purchased merchandise on account from a supplier for $12,500, terms 1/10, n/30. Rolfes Company returned $2,400 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? If required, round the answer to the nearest dollar.

b. What account is credited by Rolfes Company to record the return?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92803385

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