A customer returned merchandise purchased with cash with a sales price of $7,500. The cost of goods was $3,000. Which of the following represents the correct way to record this transaction assuming an adjusting entry had been prepared for estimated​ returns?         A. Refunds Payable 7,500        Sales Revenue   7,500       Merchandise Inventory 3,000        Estimated Returns Inventory   3,000   B. Refunds Payable 7,500        Cash   7,500       Merchandise Inventory 3,000        Estimated Returns Inventory   3,000   C. Sales Returns and Allowances 7,500        Cash   7,500       Estimated Returns Inventory 3,000        Merchandise Inventory   3,000   D. Sales Revenue 7,500        Cash   7,500       Merchandise Inventory 3,000        Cost of Goods Sold   3,000

Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.

Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44

Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1   Accounts Receivable         Sales Revenue   (Record sale to customer)     Jan. 1   Cost of Goods Sold         Inventory   (Recorded cost of merchandise sold)     Jan. 8   Sales Revenue         Accounts Receivable   (Recorded return of merchandise)     Jan. 8   Inventory         Cost of Goods Sold   (Recorded cost of merchandise returned)     Jan. 10   Cash         Accounts Receivable   (Recorded receipt within discount period)     Jan. 30   Cash Cash     Accounts Receivable Accounts Receivable     Sales Revenue

A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. Whataccounts recognize this return before the retailer remits payment to the manufacturer?A. accounts payable, merchandise inventoryB. accounts payable, cashC. cash, merchandise inventoryD. merchandise inventory, cost of goods sold

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