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Halibut Company purchased merchandise on account from a supplier for 18600 terms 210 n30 Halibut Company returned 5000 of the merchandise and received full credit a If Halibut Company pays

Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. Halibut Company returned $5,000 of the merchandise and received full credit.
a. If Halibut Company pays the invoice within the discount period, what is the amount of cash required for the payment?

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

 

Here is a tip:

A credit entry reduces an asset account.

Apr 14 2021 View more View Less

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