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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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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