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What is the amount of cash required for the payment

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Reference no: EM132470776

Question - Rofles Company purchased merchandise on account from a supplier for $11,500, terms 2/10, n/30. Rofles Company returned $2,500 of the merchandise and received full credit.

Required -

a. If Rofles Company pays the invoice within the discount period, what is the amount of cash required for the payment?

b. Under a perpetual inventory system, what account is credited by Rofles Company to record the return?

Reference no: EM132470776

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