Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
H3Ko H3Ko
wrote...
Go to Answer
Posts: 4891
Rep: 45 0
7 years ago
Under the perpetual inventory system, the journal entries to record sales returns (the original sale was on account) would be:

A) Cost of Goods Sold   XX   
       Merchandise Inventory      XX
      
Merchandise Inventory   XX   
       Accounts Payable      XX

B) Accounts Receivable   XX   
       Sales      XX
      
Sales   XX   
       Cost of Goods Sold      XX

C) Accounts Payable   XX   
       Merchandise Inventory      XX
      
Merchandise Inventory   XX   
       Cost of Goods Sold      XX

D) Sales Returns and Allowances   XX   
       Accounts Receivable      XX
      
Merchandise Inventory   XX   
       Cost of Goods Sold      XX
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
Read 216 times
3 Replies
Replies
Answer verified by a subject expert
Mrgo-breedMrgo-breed
wrote...
#1
Top Poster
Posts: 2227
Rep: 276 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

H3Ko Author
wrote...
#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
wrote...
#3
7 years ago
I'm liking this Slight Smile
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1309 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 178
  
 728
  
 222
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 352
Previous poll results: What percentage of nature vs. nurture dictates human intelligence?