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Homework answers / question archive / Supermarkets Super Cash and Carry bought merchandise on credit from its suppliers for $100,000, with terms of 2/10, n/30

Supermarkets Super Cash and Carry bought merchandise on credit from its suppliers for $100,000, with terms of 2/10, n/30

Marketing

Supermarkets Super Cash and Carry bought merchandise on credit from its suppliers for $100,000, with terms of 2/10, n/30. The company returned $10,000 in damaged merchandise for which it received a credit.

a. What transaction must be registered if the supermarket pays the invoice within the period that includes the discount?

b. Determine the entry and the amount that will be registered to acknowledge the return.

General JournalAccountDebitCredit

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