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Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $84,000, terms 1/10,...

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Accounting

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Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $84,000, terms 1/10, n/30. Oppenheimer Company returned $16,000 of the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return? Feedback Check My Work a. The return reduces the amount owed. The discount is taken on the outstanding balance after the return is deducted. b. Under a perpetual system for a return, the buyer reduces both Accounts Payable and Merchandise Inventory

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