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natulia [17]
3 years ago
11

Wexim Toys sold merchandise to a customer on credit, terms 2/10, n/30 for $11,700. Three days later, the customer returned $2,30

0 of the merchandise. When recording the return transaction, Wexim Toys would record:__________
a) $2,300 in the Accounts Payable Cr. column and $2,300 in the Inventory Dr. column of the purchases journal. b) Debit Sales Returns and Allowances $2,300 and credit Accounts Receivable $2,300 in the general journal. c) $2,300 in the Cash Dr. column and $2,300 in the Inventory Cr. column in the cash receipts journal. d) Debit Cash $2,300 and credit Inventory $2,300 in the general journal. e) $2,300 in the Accounts Payable Dr. column and $2,300 in the Cash Cr. column of the cash payments journal.
Business
1 answer:
Rom4ik [11]3 years ago
7 0

Answer:

b) Debit Sales Returns and Allowances $2,300 and credit Accounts Receivable $2,300 in the general journal.

Explanation:

When goods were sold on account,  Accounts receivables is debited, and  Sales is credited.  When goods are returned,  Sales Return & Allowances is debited, and  Accounts receivables is credited.

Thus, the entry will include Debit in Sales Returns and Allowances $2,300 and Credit  in Accounts Receivable $2,300

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As Veronica Janneck and her friends prepare to graduate from college, they are faced with numerous job offers with starting sala
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3 years ago
Silvia Company acquires a 30% interest in Small Company. The fair value of Small's inventory exceeds its carrying value by $100,
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Answer:

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Explanation:

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This means though the Net realizable value increases but the cost remains the lower. This means their must not be any changes made to inventory account.

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7 0
3 years ago
Which of the following statements is not accurate descriptions of the business market? Mrs. Phillip, a retail buyer for Blooming
Natali [406]

Answer:

Mrs. Phillip, a retail buyer for Bloomingdale's, does all the shopping for her family at the same store.

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3 years ago
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