A debit to Sales Returns and Allowances and a credit to Accounts Receivable:
A) Reflects an increase in amount due from a customer.
B) Recognizes that a customer returned merchandise and/or received an allowance.
C) Records the cost side of a sales return.
D) Is recorded when a customer takes a discount.
E) Reflects a decrease in amount due to a supplier.
B) Recognizes that a customer returned merchandise and/or received an allowance
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Hercules Sports Equipment Company projected sales of 79,000 units at a unit sales price of $12 for the year. Actual sales for the year were 75,000 units at $14 per unit. Variable costs were budgeted at $3 per unit, and the actual amount was $5 per unit. Budgeted fixed costs totaled $387,000, while actual fixed costs amounted to $450,000. What is the flexible budget variance for variable costs?
A) $158,000 unfavorable B) $150,000 unfavorable C) $150,000 favorable D) $158,000 favorable
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