Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. after the amount due on a sale of $28,000, terms 2

After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from...

60.1K

Verified Solution

Question

Accounting

image
After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,800. a. What is the amount of the refund owed to the customer? 27,440 Feedback Check My Work (a) The amount of the refund will be the merchandise returned less the discount b. Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank. (a) Accounts Receivable x 28,000 X Accounts Payable x 560 16,800 x (b) Purchases x Sales X 16,800 X Feedback

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

8 2 120 square units D 15 In the figure shown above all the corners...

Electrical Engineering
1.2K views

Suppose that the following processes arrive for execution at time 0 in the order A, B,...

Basic Math
1.2K views

Find the circumference and area of a circle with a diameter of 22 inches. Leave...

Calculus
1.2K views

2 This bar graph represents a comparison of school Using information from this graph please...

Calculus
1.2K views

Two elevators at different heights start to descend at the same time but at different...

Accounting
1.2K views

E9-6 Computing Depreciation under Alternative Methods (LO 9-3] Solar Innovations Corporation bought a machine at...

Accounting
1.2K views

Goiania, Inc. was vandalized during a riot in their community and a lot of their...

Accounting
1.2K views

Which of the following increases adjusted basis? Question options: ...

Accounting
1.2K views

CTRL + TO CLEAR ANY BLUR Calculating the Yield Variance Mangia Pizza Company makes...

Accounting
1.2K views

Question 2 (20minutes): On 1 October 20X1, Nero Co acquired 80% of the voting shares...

Accounting
1.2K views

The following Informatlon is departmental cost allocation with two service departments and two production departments...

Accounting
1.2K views

Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases...