Answer:
Merchandise inventory 500 debit
Cash 500 credit
Accounts paaybles 350 debit
Merchandise inventory 350 credit
Accounts payables 5150 debit
Merchandise inventory 103 credit
Cash 5047 credit
Accounts Receivables 9000 debit
Sales revenue 9000 credit
COGS 6000 debit
Merchandise Inventory 6000 credit
Sales returns 800 debit
Account receivables 800 credit
Merchandise inventory 500 debit
COGS 500 credit
Fregith-out 600 debit
Cash 600 credit
loss on possesion 753 debit
merchandise inventory 753 credit
Explanation:
<em><u>balance after the return:</u></em>
5500 - 350 = 5150
discount 5150 x 2% = 103
cash disbursements: 5150 - 103 = 5047
<u><em>balance after customer return:</em></u>
9000 - 800 = 8200
discount 8200 x 2% = 164
cash proceeds 8036
<em><u>Inventory accounting value:</u></em>
beginning 2000
purchase 5500
fregiths 350
discount 103
sale -6000
return 500
ending 2453
psysical count 1700
We recognize a loss for 753 dollars
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