Feathertouch Company sold merchandize worth $800 on credit, terms n/15 and on the next day the customer returned merchandize worth $50, which cost $30 for Feathertouch company. What is the required journal entry to record the merchandize returns under the perpetual inventory system?
a. Accounts Receivables 50
Sales Returns and Allowances 50
Cost of Goods Sold 30
Merchandize Inventory 30
b. Sales Returns and Allowances 50
Accounts Receivables 50
Merchandize Inventory 30
Cost of Goods Sold 30
c. Accounts Receivables 50
Merchandize Inventory 50
Cost of Goods Sold 30
Sales 30
d. Merchandize Inventory 50
Sales 50
Sales 30
Cost of Goods Sold 30
B
You might also like to view...
A gain or loss that qualifies for extraordinary treatment on the income statement must have which of the following qualities? I. Unusual in Nature II. Discontinued Segment III. Infrequent in Occurrence IV. Nonoperating in Nature V. Never Occurred
a. I and V b. III and IV c. I and III d. I, II, and III
Which of the following is a level of the database that is defined by the data definition language?
a. user view b. schema c. internal view d. all are levels or views of the database
A(n) ____________________ lease arrangement is one in which the lessee enjoys the use of the property for a set period of time
Fill in the blank(s) with correct word
Which of the following are not characteristics of leadership?
A) A strong drive for responsibility and task completion B) Creativity and originality in problem solving C) A capacity for absorbing stress D) An untenable positive approach