Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $11,200, terms 2/10,...
Purchase-Related Transactions
The Stationery Company purchased merchandise on account from a supplier for $11,200, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $1,500 and received full credit.
a. If The Stationery Company pays the invoice within the
discount period, what is the amount of cash required for the
payment?
$
b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?
Homework Answers
a. Amount of cash required for the payment = Purchase - Return - Discount
Amount of cash required for the payment = $11,200 - $1,500 - [($11,200 – $1,500) × 2%]
Amount of cash required for the payment = $9,506
b. Merchandise Inventory
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