Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction? O Debit Accounts Payable/The Wedding Planners, $661; Credit Purchases Returns and Allowances, $661. O Debit Accounts Receivable/The Wedding Planners, $661; Credit Sales Returns and Allowances, $613, Sales Tax Payable, $48. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Payable/The Wedding Planners, $661.

Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction? O Debit Accounts Payable/The Wedding Planners, $661; Credit Purchases Returns and Allowances, $661. O Debit Accounts Receivable/The Wedding Planners, $661; Credit Sales Returns and Allowances, $613, Sales Tax Payable, $48. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Payable/The Wedding Planners, $661.

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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Question

Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for,
$613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction?
O Debit Accounts Payable/The Wedding Planners, $661; Credit Purchases Returns and
Allowances, $661.
O Debit Accounts Receivable/The Wedding Planners, $661; Credit Sales Returns and
Allowances, $613, Sales Tax Payable, $48.
O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts
Receivable/The Wedding Planners, $661.
O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts
Payable/The Wedding Planners, $661.

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