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What is the amount of cash required for the payment

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Reference no: EM132680267

Problem - Purchase-related transaction

Bergquist Company purchased merchandise on account from a supplier for $12,000, terms 1/10, n/30. Bergquist Company returned $3,000 of the merchandise and received full credit.

a. If Bergquist 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 Bergquist Company to record the return?

Reference no: EM132680267

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