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Journalize the entries made by seller to record the return

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Question - After the amount due on a sale of $26,500, 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 $13,050.

Required -

A. What is the amount of the refund owed to the customer?

B. Journalize the entries made by the seller to record the return and the refund. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM132747763

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