Korab Nutrition sold merchandise for $2,500 which cost them $970 on account. The customer was dissatisfied with
Fantastic news! We've Found the answer you've been seeking!
Question:
- Korab Nutrition sold merchandise for $2,500 which cost them $970 on account. The customer was dissatisfied with some of the goods and returned $450 worth (sales price) and received a cash refund. Instructions:
(a) What Journal Entries should Korab Nutrition enter at the time sold and at the time of the return? Assume that Korab Nutrition uses a Perpetual Inventory System.
Date | Account Titles | Debit | Credit |
At time of Sale | |||
At time of Return | |||
(b) If Korab Nutrition uses a Periodic Inventory System, what entries should be made?
Date | Account Titles | Debit | Credit |
At time of Sale | |||
At time of Return | |||
Expert Answer:
Related Book For 
Posted Date:
