A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? Group of answer choices 1.accounts receivable, sales returns and allowances 2.accounts receivable, cash 3.sales returns and allowances, purchases 4.sales discounts, cost of goods sold
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? Group of answer choices 1.accounts receivable, sales returns and allowances 2.accounts receivable, cash 3.sales returns and allowances, purchases 4.sales discounts, cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer?
Group of answer choices
1.accounts receivable , sales returns and allowances
2.accounts receivable, cash
3.sales returns and allowances, purchases
4.sales discounts, cost of goods sold
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