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.
a. What is the amount of cash required for the payment within the discount period?
b. Under a perpetual inventory system, what account is credited by The Wheatland Company to record the return?
A credit entry decreases an asset account and increases a liability and revenue account.
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