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Wewaii [24]
3 years ago
5

Barans Company purchased merchandise on account from a supplier for $12,900, terms 1/10, n/30. Barans Company returned $2,500 of

the merchandise and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? $fill in the blank 1 b. What account is credited by Barans Company to record the return?
Business
1 answer:
11Alexandr11 [23.1K]3 years ago
3 0

Answer: See explanation

Explanation:

a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment?

The amount of cash required for the payment will be:

Purchases: = $12,900

Less: Returns = $2500

Less: Discount = ($12900 - $2500) × 1% = ($10400 × 1%) = $104

Cash required for payment = $10296

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

Based on the information above, the merchandise inventory will be credited.

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