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What is the amount of cash required for the payment

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Reference no: EM13548716

Purchases transactions

Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit.

1. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?

2. What account is debited by Hoffman Company to record the return?

Reference no: EM13548716

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