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After the amount due on a sale of 28000 terms 210 n eom is received from a customer within the discount period the seller consents to the return of the entire shipment for a cash refund The

After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,800. 

 

(a) What is the amount of the refund owed to the customer? 

 

Here is a tip:

X/Y, n/Z expresses a credit period with purchase discounts offered to a buyer

(b) Journalize the entries made by the seller to record the return and the refund.

 
 

Apr 14 2021 View more View Less

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