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gregori [183]
3 years ago
10

On Jan 5, a customer returned merchandise that had been purchased earlier on credit. The original sale was for $500, and the cos

t to the seller was $150. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer. Multiple choice question. Debit Accounts Receivable $500; credit Sales Returns and Allowances $500; credit Merchandise inventory $150; and credit Cost of Goods Sold $150. Debit Sales Returns and Allowances $150; credit Accounts Receivable $150. Debit Accounts Receivable $500 and credit Cash $500. Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.
Business
1 answer:
Elodia [21]3 years ago
6 0

Answer:

Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.

Explanation:

Based on the information given the required appropiate journal entry to record the return on the books of the seller, in a situation were the goods can be sold to another customer is :

Debit Sales Returns and Allowances $500

Debit Merchandise Inventory $150

Credit Accounts Receivable $500

Credit Cost of Goods Sold $150

(To record the return on the books of the seller)

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Gala2k [10]

Answer:

3%

Explanation:

Increase in money supply ($ billion) = Increase in reserves / Reserve ratio

Increase in money supply ($ billion) = 150 / 0.1

Increase in money supply ($ billion) = 1,500

Increase in price level = (Increase in money supply / 100) * 0.2

Increase in price level = (1,500/100) * 0.2

Increase in price level = 3%

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3 years ago
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Summary:

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3 0
2 years ago
Having internet, catalog, and store offerings makes staples a(n) multiple choice full-line discount store. omnichannel retailer.
Eduardwww [97]

The correct answer is supercenter. Staples Inc. is an American retail company and is a supercenter.

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8 0
1 year ago
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Answer:

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Explanation:

Direct materials flexibel - budget variance:

standard

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3,000 x 0.7 = 2,100 standard pounds

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quantity variance:

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3 years ago
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Lelu [443]

Answer:

Please find the complete solution in the attached file.

Explanation:

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