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Problem - Purchase-related transactions - The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 and received full credit.
Required -
a. 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?
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