Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 41

A Purchases transactions
Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. Halibut Company returned $5,000 of the merchandise and received full credit.
a. If Halibut Company pays the invoice within the discount period, what is the amount of cash required for the payment
b. What account is credited by Halibut Company to record the return
B 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.
a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment
b. What account is debited by Hoffman Company to record the return