Purchases Transactions
Rolfes Company purchased merchandise on account
from Springhill Company for $12,200, terms 1/10, n/30.
Rolfes returned merchandise with an invoice amount of
$2,400 and received full credit.
a. If Rolfes Company pays the invoice within the
discount period, what is the amount of cash required for
the payment? If required, round the answer to the
nearest dollar.
b. What account is debited by Rolfes Company to record
the return?
?