Solution-What effect will the return of merchandise to the

What effect will the return of merchandise to the supplier

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Reference no: EM133017699

Question - Assume the perpetual inventory method is used.

The company purchased $13,100 of merchandise on account under terms 4/10, n/30.

The company returned $2,600 of merchandise to the supplier before payment was made.

The liability was paid within the discount period.

All of the merchandise purchased was sold for $20,200 cash.

What effect will the return of merchandise to the supplier have on the accounting equation?

Reference no: EM133017699

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What effect will the return of merchandise to the supplier

Reference no: EM133017699

Reference no: EM133017699

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