(R) ??(B) ??(T) ??(W) ???????? ?????? ??????????,??, Oili,, 4) ?%,???. FA1?. ???

Question

(R) ??(B) ??(T) ??(W) ???????? ?????? ??????????,??, Oili,, 4) ?%,???. FA1?. ???ann?,??" /??,060??? /asa, Dens.? pt ? ? ???? ?????? mework solution* ??????? 3??(P) Financial Accounting Exam 2 01 Prepare the entry AutoZone would make to record the credit for returned goods that had a $300 selling price (assume a $140 cost). Assume the goods were not defective. Sales Returns and Allowances 300 Accounts Receivable 300 Inventory140 Cost of Goods Sold 140 Accounts Receivable 300 Sales Returns and Allowances 300 Inventory140 Cost of Goods Sold 140 Sales Returns and Allowances 300 Accounts Receivable 300 Inventory 140 Cost of Goods Sold 140 EN

Explanation / Answer

Option D is correct. We shall redcue the accounts receivable and thus credit it and debit the allowance to be made for the sales return. In second entry, inventory will again increase and corresponding COGS will reduce.

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