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What is the amount of the refund owed to the customer

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Problem - Sales-related transactions - After the amount due on a sale of $40,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $24,000.

What is the amount of the refund owed to the customer?

Journalize the entries made by the seller to record the return and the refund.

Reference no: EM132876968

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