I am having a hard time figuring out financial statement. I have everything down except how to calculate the discounts giving by the seller. So I need to find out how much to debit my accounts payable and credit my cash and inventory for their return....Please help!
|(a)||On March 2, Sandhill Co. sold $935,800 of merchandise to Carla Vista Co., terms 3/10, n/30. The cost of the merchandise sold was $587,500.|
|(b)||On March 6, Carla Vista Co. returned $109,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $65,100.|
On March 12, Sandhill Co. received the balance due from Carla Vista Co..
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