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Locust company purchased merchandise on account from

Problem

Locust Company purchased merchandise on account from a supplier for $34,900, terms 1/10, n/30. Locust Company returned $6,400 of the merchandise and received full credit.

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

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

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Accounting Basics: Locust company purchased merchandise on account from

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