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Under a perpetual inventory system

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1. Enduro Tile Company purchased merchandise on account from a supplier for $8,000, terms 2/10, n/30. Enduro Tile Company returned $3,500 of the merchandise and received full credit.

a. If Enduro Tile 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 Enduro Tile Company to record the return? 

Reference no: EM131122536

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