FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Multiple choice
14. Which of the following accounts is not used to account for merchandise
sales transactions?
a.
Sales
b. Sales Tax Payable
Sales Returns and Allowances
С.
d. Accounts Payable
15. A customer returns merchandise that was delivered in poor condition and
that does not meet specification. The account that the seller would debit
for the amount of the return is
is
a. Sales Returns and Allowances.
b. Purchase Returns and Allowances.
C. Sales.
d. Purchases.
465
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Transcribed Image Text:14. Which of the following accounts is not used to account for merchandise sales transactions? a. Sales b. Sales Tax Payable Sales Returns and Allowances С. d. Accounts Payable 15. A customer returns merchandise that was delivered in poor condition and that does not meet specification. The account that the seller would debit for the amount of the return is is a. Sales Returns and Allowances. b. Purchase Returns and Allowances. C. Sales. d. Purchases. 465
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