Under the perpetual inventory system, the journal entries to record sales returns (the original sale was on account) would be:
A)
Accounts Payable XX
Merchandise Inventory XX
Merchandise Inventory XX
Cost of Goods Sold XX
B)
Cost of Goods Sold XX
Merchandise Inventory XX
Merchandise Inventory XX
Accounts Payable XX
C)
Accounts Receivable XX
Sales XX
Sales XX
Cost of Goods Sold XX
D)
Sales Returns and Allowances XX
Accounts Receivable XX
Merchandise Inventory XX
Cost of Goods Sold XX
D
Business
You might also like to view...
The exclusive distribution intensity strategy is where a supplier authorizes many resellers per trade area
Indicate whether the statement is true or false
Business
In which of the following eras did muckraking journalism lead to widespread introduction of public relations in business?
A. Seedbed Era D. Postwar Era B. World War I E. Roosevelt Era C. Booming Twenties Era
Business