Solution-What was the invoice amount of the merchandise

What was the invoice amount of the merchandise

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Reference no: EM132478797

Question a. The debits and credits for five related transactions, (1) through (5), are presented in the following T accounts. Assume the credit terms were 2/10, n/30, using the net method under a perpetual inventory system.

Cash Sales

Debit(5)10,290 Credit (1)11,760

Sales Credit (1)11,760

Cost of Goods Sold Credit Debit (2)7,000

Accounts Receivable Cost of Goods Sold Credit (1)11,760 Credit (2)7,000 Credit (5)10,290

Inventory Debit (4)900 Credit (2)7,000

Estimated Returns Inventory Credit (4)900

Customer Refunds Payable Debit (3)1,470

Question b. What was the invoice amount of the merchandise that was returned?

Reference no: EM132478797

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What was the invoice amount of the merchandise

Reference no: EM132478797

Reference no: EM132478797

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