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What is the amount of cash required for the payment

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Reference no: EM132680163

Problem - Purchase transactions - MR Tile Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. MR Tile Company returned $1,500 of the merchandise and received full credit.

Required -

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

Reference no: EM132680163

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