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Sales-Related Transactions After the amount due on a sale of $45,800, terms 1/10, n/eom, is received from a customer within t
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Answer #1

1. Amount of refund

= 45,800 - 1%

= 45,342

.

A Customer refunds payable 45,342
Cash 45,342
B Merchandise inventory 27,480
Estimated returns inventory 27,480
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