Assume the perpetual inventory method is used. 1) The company purchased $13,800 of merchandise on account under terms 2/10, n/30. 2) The company returned $3,300 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $21,600 cash. What effect will the return of merchandise to the supplier have on the accounting equation?
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Home » Business » Assume the perpetual inventory method is used. 1) The company purchased $13,800 of merchandise on account under terms 2/10, n/30. 2) The company returned $3,300 of merchandise to the supplier before payment was made.