A customer returned merchandise, with a selling price of $2,400 purchased on account, to a furniture store. Ignoring the cost of goods returned, which journal entry should the furniture store prepare? Assume no discounts were offered. A. Debit Sales Refunds Payable for $2,400 and credit Accounts Receivable for $2,400. B. Debit Sales Revenue for $2,400 and credit Sales Refunds Payable for $2,400. C. Debit Sales Refunds Payable for $2,400 and credit Sales Revenue for $2,400. D. Debit Sales Revenue for $2,400 and credit Cash for $2,400. Thanks!!

A customer returned merchandise, with a selling price of $2,400 purchased on account, to a furniture store. Ignoring the cost of goods returned, which journal entry should the furniture store prepare? Assume no discounts were offered. A. Debit Sales Refunds Payable for $2,400 and credit Accounts Receivable for $2,400. B. Debit Sales Revenue for $2,400 and credit Sales Refunds Payable for $2,400. C. Debit Sales Refunds Payable for $2,400 and credit Sales Revenue for $2,400. D. Debit Sales Revenue for $2,400 and credit Cash for $2,400. Thanks!!

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Description: A customer returned merchandise, with a selling price of $2,400 purchased on account, to a furniture store. Ignoring the cost of goods returned, which journal entry should the furniture store prepare? Assume no discounts were offered. A.Debit S

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 26MC: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...

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