O sales Discoun x G The v Sales Dis Regarding the x G ACCOURng r x * MyLab and M

Question

O sales Discoun x G The v Sales Dis Regarding the x G ACCOURng r x * MyLab and M. @ Take a Test-F c secure https://www.mathxl.com/Student/PlayerTest.aspx?testld-167194710 ACC 2213- B Pd Fa17 Test: Chapter 5 Exam 24029 (28 complete) This Question: 1 pt Under the perpetual inventory system, the adjusting jounal entries to record estimated sales returns (the original sales were on account) would be: OA. Acounts Receivable Sales Revenue Sales Revenue Cost of Goods Sold B. Sales Returns and Alowances Cost of Goods Sold Merchandise Inventory Accounts Receivable ° C. Sales Revenue Refunds Payable Estimated Returms Inventory Cost of Goods Sold O D. Sales Revenue Merchandise Inventory Estimated Returns Inventory Refunds Payable Click to select your answer

Explanation / Answer

Answer is option (B)

Account Titles Debit Credit Sales Returns and Allowances xx Cost of Goods Sold xx (To record sales return) Merchandise Inventory xx Accounts Receivable xx (To record decrease in inventory and accounts receivable due to sales return)

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