A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales
Question:
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer?
A. Accounts receivable, sales returns and allowances
B. Accounts receivable, cash
C. Sales returns and allowances, purchases
D. Sales discounts, cost of goods sold
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
Step 1 Journal Entry Journal entry is the act of keeping record...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
The accounting records of Wildhorse Co. show the following data. Beginning inventory 3,000 units at $4. Purchases 9,500 units at $6 Sales 9,900 units at $9 (a) Your answer has been saved. See score...
-
Multistep income statement and balance sheet Required Use the following information to prepare a multistep income statement and a classified balance sheet for Reza Equipment Co. for2010. S 96,000...
-
Sandra's Purse Boutique has the following transactions related to Its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic Inventory system. Date Transactions...
-
Solve the inequalities in Problems 4150. 7-5A < 2A + 7
-
Suppose the firm has only three possible scales of production as shown below: a. Which scale of production is most efficient when Q = 65? b. Which scale of production is most efficient when Q = 75?...
-
Use Corollary 4.11 to decide if each matrix has an inverse. Corollary 4.11 The inverse for a 2 Ã 2 matrix exists and equals if and only if ad - bc 0. (a) (b) (c) a b c d d -b ad bcc a 4 3 0 2...
-
A stock price is governed by \[\frac{\mathrm{d} S}{S}=\mu \mathrm{d} t+\sigma \mathrm{d} z\] where \(z\) is a standardized Wiener process. Interest is constant at rate \(r\). An investor wishes to...
-
Alpha Corporation and Beta Corporation are identical in every way except their capital structures. Alpha Corporation, an all-equity firm, has 15,000 shares of stock outstanding, currently worth $30...
-
Strategic plans cannot always predict the future in times of uncertainty. Healthcare managers must take the time to reassess during these times to make improvements to guide future processes and...
-
Compute the missing amount (?) for each company. (Amounts are in millions.) At the end of the year, which company had the highest net income? highest percent of net income to revenues? Babble Co....
-
Why does a student need to understand how to use a manual, paper-based accounting information system since everyone uses computerized systems?
-
What is the difference in reporting requirements for customer-returned merchandise in sellable condition under a perpetual inventory system versus a periodic inventory system?
-
Consider irrotational flow at velocity U past a stationary sphere of radius R, with coordinates as in Fig. 8.7. (a) As in Example 9.2-1, the velocity potential is a separable function. Show that and...
-
The following figures relate to the retail business of A. Bell for the month of July 2012. Goods which are on sale fall into two categories, X and Y. You are to calculate for each category of goods:...
-
Which looping statement(s) are best for counter-controlled looping? Which are best for sentinel-controlled looping?
-
(a) Calculate the current ratio if current assets are 50,000 and current liabilities are 30,000. (b) If inventory is 28,000, what is the acid test ratio?
-
Malcolm Phillips is a sole trader who prepares his financial statements annually to 30 April. His summarised statements of financial position for the last two years are shown below. Malcolm is...
-
The statement of financial position of A. Barnes and C. Darwin at 31 March 2011 is as follows: The partners share profits and losses: Barnes three-fifths and Darwin two-fifths. At the date of the...
-
Refer to Exercise 8-36. Set up 2Ï control limits. What is the probability of detecting a change in the process average number of dietary errors per 100 trays to 8 on the first sample drawn after...
-
When the concentration of a strong acid is not substantially higher than 1.0 10-7 M, the ionization of water must be taken into account in the calculation of the solution's pH. (a) Derive an...
-
What are the inputs, processing, and outputs of UPSs package tracking system?
-
What technologies are used by UPS? How are these technologies related to UPSs business strategy?
-
What strategic business objectives do UPSs information systems address?
-
Explain the capital markets both domestic and foreign used by firms to obtain long-term financing. Explain the capital markets both domestic and international. What are they and how do they function...
-
The company Ogivac Inc. has the possibility of buying a property costing 70 000 $ and which is depreciable, for tax purposes, at the declining rate of 30%. The value expected residual at the...
-
Return to a risk-free rate of 3.0 percent. Now suppose the government announces substantial changes to the tax code. The uncertainty causes investors to become more risk averse, and the market risk...
Study smarter with the SolutionInn App