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Journalize the entry by Senger Company

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Reference no: EM132740160

Problem - Customer refund - Senger Company sold merchandise of $15,500, terms 2/10, n/30, to Burris Inc. on April 23. Burris paid Senger for the merchandise on May 2. On May 12, Senger paid Burris $650 for costs incurred by Burris to repair defective merchandise.

Required -

(a) Journalize the entry by Senger Company to record the customer refund to Burris Inc.

(b) Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burris's outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo.

Reference no: EM132740160

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