Homework Answers
Answer -
The return of merchandise to the supplier have the following effect on the accounting equation -
| Effect on the accounting equation | Explanation |
| Assets and liabilities are reduced by $3100. | The purchase return will decrease assets (merchandise inventory) and decrease liabilities (accounts payable) by $3100, the full invoiced amount of the merchandise returned. |
Hence, Option - (B) is Correct.
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The Wheatland Company purchased merchandise on account from a
supplier for $30,000, terms 1/10, n/30. The Wheatland Company
returned $8,000 of the merchandise and received full credit.
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payment within the discount period?
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