question archive a customer returned merchandise, with a selling price of $900 purchased on account, to a department store Ignoring cost of goods sold, which journal entry should the department store prepare? Assume no discounts were offered Debit Sales Refunds Payable for $900 and credit Accounts Receivable for $900 Debit Sales Revenue for $900 and credit Accounts Receivable for $900 Debit Sales Revenue for $900 and credit Cash for $900 Debit Sales Revenue for $900 and credit Sales Refunds Payable for $900
a customer returned merchandise, with a selling price of $900 purchased on account, to a department store Ignoring cost of goods sold, which journal entry should the department store prepare? Assume no discounts were offered Debit Sales Refunds Payable for $900 and credit Accounts Receivable for $900 Debit Sales Revenue for $900 and credit Accounts Receivable for $900 Debit Sales Revenue for $900 and credit Cash for $900 Debit Sales Revenue for $900 and credit Sales Refunds Payable for $900
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a customer returned merchandise, with a selling price of $900 purchased on account, to a department store Ignoring cost of goods sold, which journal entry should the department store prepare? Assume no discounts were offered
Debit Sales Refunds Payable for $900 and credit Accounts Receivable for $900
Debit Sales Revenue for $900 and credit Accounts Receivable for $900
Debit Sales Revenue for $900 and credit Cash for $900
Debit Sales Revenue for $900 and credit Sales Refunds Payable for $900
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Answer :A)Debit sals refunds payable for $900 and Credit Accounts receivables for $900
explanation : If the goods sold on credit to the customer the journal entry is as follows debit accounts receivables and credit sales revenue . if the customer returned the goods ,the same amount shold to be refundable to the customer so debit sales refunds payable and credit acconts receivable (acconuts receivables decreases so it should be credited).
