Response to the following problem:
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.
(a) What is the amount of the refund owed to the customer?
(b) Illustrate the effects on the accounts and financial statements of the return and the refund.