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What is the amount of cash required for the payment

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Reference no: EM132534176

Question - Purchase-Related Transactions

The Stationery Company purchased merchandise on account from a supplier for $7,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $1,000 and received full credit.

a. If The Stationery 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 The Stationery Company to record the return?

Reference no: EM132534176

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