Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of goods sold was $1,850.
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Question:
Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of goods sold was $1,850. Global Company refunded Montana Industries $900 for returned merchandise. The cost of goods sold was $600. Which of the following will be recorded by Global Company in the journal entry for the refund from the cost of the sale?
a) Debit inventory $ 900
b) Debit estimated returners inventory $900
c) Credit inventory $ 600
d) Credit estimated returns inventory $ 600
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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