Question: when a customer returns good the merchandise will ? a- increase the estimated refund liability account b- decrease the inventory account c- decrease the estimated

when a customer returns good the merchandise will ?

a- increase the estimated refund liability account

b- decrease the inventory account

c- decrease the estimated inventory returns account

d- increase the costumers accounts receivable account

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Hello, Please could you help me with this question and also with my homework? Thanks in advance. The first question is below and the homework is attached (uploaded). Warble Inc. extended a one-year...

Q:

Hello Can you please help me answer question 5 in the Groupon case study ISSUES IN ACCOUNTING EDUCATION Vol. 29, No. 1 2014 pp. 229-245 American Accounting Association DOI: 10.2308/iace-50595 Growing...

Q:

Page 11 of 18 PRINCIPLES OF ACCOUNTING 1 CHAPTER 6 WORKSHEETS - ACCOUNTING FOR MERCHANDISING BUSINESSES EXAMPLE 14- Recording sales & customer refunds/allowances Journalize the following merchandise...

Q:

By the Sea Hotel, Inc. purchased $8.300 worth of inventory from the Brothers' Pool Supply on account, terms of 4/10, n/45. Som Brothers' Pool Supply goods were damaged during shipment, so By the Sea...

Q:

The class will be analyzing Best Buy Co., Inc. This is a quasi-group project. It is a group project in the sense that you are encouraged to work with other students to collect information and to...

Q:

For requirement one: 1. Record the actual sales return of merchandise sold prior to 2021 2. Record the cost of merchandise returned for goods sold prior to 2021 3. Record the actual sales return of...

Q:

Need help with the adjusting entries and entering events a-j. Pretend it is January 2021 and you have just been hired as the Controller for Water King, Inc. (WKI), a corporation that began as a...

Q:

journal entry worksheet #1 Record the Actual Sales return of merchandise sold prior to 2021 #2 Record the cost of merchandise returned for goods sold prior to 2021 #3 Record the actual sales return...

Q:

(1)The Statement of Cash Flows Referencing this week?s readings and lecture, describe the following terms as they relate to the statement of cash flows: cash, operating activities, investing...

Q:

pic 1-4 are to help answer the question :) question: heres more info. Also I started filling out the T accounts and I got some answers wrong. Everything with a red box is incorrect if you can help...

Q:

The weekly demand for a product is believed to be normally distributed. Use a goodness of fit test and the following data to test this assumption. Use = .10. The sample mean is 24.5 and the sample...

Q:

Find Io in the circuit infigure. 8 kf 12 V+ 6 kf 20 I 5 kn 5V 8 kf 4 kf

Q:

Class materials indicate that hypervigilance is generally a _ _ _ _ _ _ _ _ _ _ _ _ _ quality for financial investors to have and uses _ _ _ _ _ _ _ _ _ _ _ _ as an example of financial programming...

Q:

A random sample of 43 biology students in a science program are selected for a study. Of those selected, only 27 passed the mid term exam. At the 5% significance level, is there sufficient evidence...

Q:

Does the duty to accommodate apply in this case?

Q:

Is it acceptable for Matt not to hire Catherine because she cant carry the shingles to the roof?

Q:

Would an organization be able to immediately rectify an age effect? Why or why not?