Sales-related transactions After the amount due on a sale of $28,200, terms n/eom, is received from a customer, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,920. a. What is the amount of the refund owed to the customer? b. Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank.
Sales-related transactions After the amount due on a sale of $28,200, terms n/eom, is received from a customer, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,920. a. What is the amount of the refund owed to the customer? b. Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....
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Transcribed Image Text:Sales-related transactions
After the amount due on a sale of $28,200, terms n/eom, is received from a customer, the seller consents to the return of the entire shipment for a cash refund. The cost
of the merchandise returned is $16,920.
a. What is the amount of the refund owed to the customer?
b. Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank.
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