If a customer purchases merchandise on credit and returns the defective merchandise before payment, what accounts would
Question:
If a customer purchases merchandise on credit and returns the defective merchandise before payment, what accounts would recognize this transaction?
A. Sales discount, cash
B. Sales returns and allowances, cash
C. Accounts receivable, sales discount
D. Accounts receivable, sales returns and allowances
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (7 reviews)
Step 1 Perpetual inventory system The perpetual inventory system records and upda...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
-
On July 1, 2022, Moresan Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Moresan will receive interest at the prevailing...
-
Campus Supply Store purchases merchandise on credit from a large number of suppliers. During the past five years, Campus's annual sales have grown from $100,000 to $1,500,000. A recent article in the...
-
What steps are followed in posting sales returns and allowances from the general journal to the general ledger and accounts receivable ledger?
-
Correction, overproduction, inventory and motion are all examples of: a. Waste b. 5 S target areas c. Noise d. Value-added activities
-
Suppose the market interest rate is 10 percent. Would you be willing to lend $10,000 if you were guaranteed to receive $1,000 at the end of each of the next 12 years plus a $5,000 payment 15 years...
-
In variables estimation sampling, the sample standard deviation is used to calculate the a. Point estimate of central tendency b. Tainting of the sample interval c. Reliability or desired confidence...
-
What the procedures are for a third-party stakeholder to deposit funds with the court?
-
Nan contributes property with an adjusted basis of $60,000 to a partnership. The property has a fair market value of $75,000 on the date of the contribution. What is the partnership's basis in the...
-
Clayton Ltd. is debt-free with assets projected to be $900 million in a strong economy and $300 million in a weak economy next year, each with equal likelihood. Presently, the market values its...
-
Des Moines Power and Light has been collecting data on demand for electric power in its western subregion for only the past 2 years. Those data are shown in the table at the top of the shown below....
-
Review the most recent yearly (or quarterly) income statement for a publicly-traded company and answer the following questions. What company did you choose, and which income statement format do they...
-
You own your own outdoor recreation supply store. You are in the process of drafting a standard invoice agreement for customer sales conducted on credit. Create a sample sales invoice with the...
-
Write the structural formulas for and name (a) At least 10 alkene isomers having the formula C 6 H 12 ; (b) At least 10 cycloalkane isomers having the formula C 6 H 12 .
-
Susan, the technical communication manager at a tax and accounting software company, said, "I want writers to become experts on the product they document." Assuming you do not have such expertise...
-
Pick any technological object you use frequently: how would your life be different if the object didn't exist?
-
How well are you prepared to be a facilitator of technical communication and knowledge (as described above), learning from audiences and helping them learn from each other, in addition to or instead...
-
Look at the seven grouping techniques presented in figure 16.3. Think of a topic in technical communication that could be organized in various ways. Choose two of the grouping techniques and describe...
-
Our research suggested that knowing your audience is one of the most important things in technical communication. What are some possible approaches to learning about audience? What can you do when...
-
* Direct quotes (number of U.S. dollars per unit of foreign currency). Other quotes are indirect (units of foreign currency per U.S. dollar). a. How many Brazilian reals do you get for your dollar?...
-
Phosgene, COCl2, is a toxic gas used in the manufacture of urethane plastics. The gas dissociates at high temperature. At 400oC, the equilibrium constant Kc is 8.05 104. Find the percentage of...
-
ProtoCompany has been producing various items made of plastic. It recently added a line of plain plastic cards that other firms (such as banks and retail stores) will imprint to produce credit cards....
-
What sort of a product are specialty shops offering? What are the prospects for organizing a chain of specialty shops?
-
Distinguish among discount houses, price-cutting by conventional retailers, and mass-merchandising. Forecast the future of low-price selling in food, clothing, and appliances. How will the Internet...
-
Korda International Inc. recently issued new securities (common shares and bonds) to finance a new project with a cost $16 million. The equity issued had a flotation cost of 8%, while the debt issued...
-
Khairul bought a television set with cash price of Rm6000. He paid a 10% down payment and the balance was settled by making a 24 monthly payments . If the interest was 8% per annum on the original...
-
Suppose a company produces a perpetual cash flow of $25 million per year and is expected to continue doing so in the infinite future. The company's capital structure currently consists entirely of...
Study smarter with the SolutionInn App