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What is the amount of cash required for the payment

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Reference no: EM132770879

Problem - Rofles Company purchased merchandise on account from a supplier for $11,500, terms 2/10, n/30. Rofles Company returned $2,500 of the merchandise and received full credit.

a. If Rofles 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 Rofles Company to record the return?

Reference no: EM132770879

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