The following transactions entered by a retailer during Jan 2019: 2019 Jan. 1 Sold merchandise on...
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The following transactions entered by a retailer during Jan 2019: 2019 Jan. 1 Sold merchandise on account to a customer for $100,000, terms 2/15/30. Jan. 5 The customer returned merchandise worth $17,000. Jan. 9 Received payment in full from the customer On Jan 5, the retailer should: a. debit Sales Returns and Allowances account by 1000 O b. credit Accounts Receivable by 1000 O C. debit Sales Returns and Allowances account by 17000 O d. debit Accounts Receivable by 17000 The following transactions entered by a retailer during Jan 2019: 2019 Jan. 1 Sold merchandise on account to a customer for $100,000, terms 2/15/30. Jan. 5 The customer returned merchandise worth $17,000. Jan. 9 Received payment in full from the customer On Jan 5, the retailer should: a. debit Sales Returns and Allowances account by 1000 O b. credit Accounts Receivable by 1000 O C. debit Sales Returns and Allowances account by 17000 O d. debit Accounts Receivable by 17000 The following transactions entered by a retailer during Jan 2019: 2019 Jan. 1 Sold merchandise on account to a customer for $100,000, terms 2/15/30. Jan. 5 The customer returned merchandise worth $17,000. Jan. 9 Received payment in full from the customer On Jan 5, the retailer should: a. debit Sales Returns and Allowances account by 1000 O b. credit Accounts Receivable by 1000 O C. debit Sales Returns and Allowances account by 17000 O d. debit Accounts Receivable by 17000 The following transactions entered by a retailer during Jan 2019: 2019 Jan. 1 Sold merchandise on account to a customer for $100,000, terms 2/15/30. Jan. 5 The customer returned merchandise worth $17,000. Jan. 9 Received payment in full from the customer On Jan 5, the retailer should: a. debit Sales Returns and Allowances account by 1000 O b. credit Accounts Receivable by 1000 O C. debit Sales Returns and Allowances account by 17000 O d. debit Accounts Receivable by 17000
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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