Under the perpetual inventory system, the journal entries to record sales returns (the original sale was on account) would be:
A)
Accounts Payable XX
Merchandise Inventory XX
Merchandise Inventory XX
Cost of Goods Sold XX
B)
Cost of Goods Sold XX
Merchandise Inventory XX
Merchandise Inventory XX
Accounts Payable XX
C)
Accounts Receivable XX
Sales XX
Sales XX
Cost of Goods Sold XX
D)
Sales Returns and Allowances XX
Accounts Receivable XX
Merchandise Inventory XX
Cost of Goods Sold XX
D
You might also like to view...
The cost of computer equipment does notinclude the consultant's fee to supervise installation of the equipment
a. True b. False Indicate whether the statement is true or false
In performance appraisal, the ______ requires a manager to write a statement about the employee’s performance.
A. behaviorally anchored rating scale form B. narrative method or form C. critical incidents method D. management by objectives method
Why do structured interviews accompany lower legal risks?
A. Consistency across interview process increases perceptions of fairness. B. The structure of interviews makes for a shorter time frame. C. Applicants are predisposed to question salary offers more. D. The applicants do not know what topics the interview will cover.
Which of the following is true of an LLC?
A. An LLC is a creature of federal law. B. An LLC is regarded as a separate legal entity. C. An LLC cannot hold title to property. D. The owners of an LLC are called general partners or specific partners.