24 Dec Gupta Company purchased merchandise on account fro
Gupta Company purchased merchandise on account from a supplier for $13,200, terms 1/10, n/30. Gupta Company returned $1,700 of the merchandise and received full credit.a. If Gupta Company pays the invoice within the discount period, what is the amount of cash required for the payment?b. Under a perpetual inventory system, what account is debited by Gupta Company to record the return?