The Stationery Company purchased merchandise on account from a supplier for $28,900, terms 1/10, n/30. The Stationery Company returned $6,100 of the merchandise and received full credit. a. What is...

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The Stationery Company purchased merchandise on account from a supplier for $28,900, terms 1/10, n/30. The Stationery Company returned $6,100 of the merchandise and received full credit.


a. What is the amount of cash required for the payment?


b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?

Answered 51 days AfterNov 15, 2021

Answer To: The Stationery Company purchased merchandise on account from a supplier for $28,900, terms 1/10,...

Sumit answered on Jan 06 2022
120 Votes
A. Cash required for the payment:
Net purchases $22,800
($28,900 - $6,100)
Less Discount on purchases $228
(1% x $22,800)
Cash required $22,572
($22,800 - $228)
B. Under a perpetual inventory system, the account that is credited by the Stationery Company to record the return is Merchandise...
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