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Senger Company sold merchandise of $20,000, terms n/30, to Burris Inc. on April 12. Burris paid Senger for the merchandise on May 12. On June 1, Senger paid Burris $410 for costs incurred by Burris to repair defective merchandise. a. Journalize the entry by Senger Company to record the customer refund to Burris Inc. If an amount box does not require an entry, leave it blank. June 1 Customer Refunds Payable Cash 0 0 0 b. Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burris's outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo. If an amount box does not require an entry, leave it blank. June 1 Customer Refunds Payable 0 X 0 Accounts Receivable-Burris Inc. 0 0 X Feedback Check My Work To record a customer refund, a liability account to estimate refunds that will be paid to customers is used. Depending on whether the customer has paid for the merchandise, a cash refund or credit memo will be issued.

Senger Company sold merchandise of $20,000, terms n/30, to Burris Inc. on April 12. Burris paid Senger for the merchandise on May 12. On June 1, Senger paid Burris $410 for costs incurred by Burris to repair defective merchandise. a. Journalize the entry by Senger Company to record the customer refund to Burris Inc. If an amount box does not require an entry, leave it blank. June 1 Customer Refunds Payable Cash 0 0 0 b. Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burris's outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo. If an amount box does not require an entry, leave it blank. June 1 Customer Refunds Payable 0 X 0 Accounts Receivable-Burris Inc. 0 0 X Feedback Check My Work To record a customer refund, a liability account to estimate refunds that will be paid to customers is used. Depending on whether the customer has paid for the merchandise, a cash refund or credit memo will be issued.

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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Senger Company sold merchandise of $20,000, terms n/30, to Burris Inc. on April 12. Burris paid Senger for the merchandise on May 12. On June 1, Senger paid Burris $410 for costs incurred by Burris to repair defective merchandise. a. Journalize the entry by Senger Company to record the customer refund to Burris Inc. If an amount box does not require an entry, leave it blank. June 1 Customer Refunds Payable Cash 0 0 0 b. Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burris's outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo. If an amount box does not require an entry, leave it blank. June 1 Customer Refunds Payable 0 X 0 Accounts Receivable-Burris Inc. 0 0 X Feedback Check My Work To record a customer refund, a liability account to estimate refunds that will be paid to customers is used. Depending on whether the customer has paid for the merchandise, a cash refund or credit memo will be issued.
Transcribed Image Text:Senger Company sold merchandise of $20,000, terms n/30, to Burris Inc. on April 12. Burris paid Senger for the merchandise on May 12. On June 1, Senger paid Burris $410 for costs incurred by Burris to repair defective merchandise. a. Journalize the entry by Senger Company to record the customer refund to Burris Inc. If an amount box does not require an entry, leave it blank. June 1 Customer Refunds Payable Cash 0 0 0 b. Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burris's outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo. If an amount box does not require an entry, leave it blank. June 1 Customer Refunds Payable 0 X 0 Accounts Receivable-Burris Inc. 0 0 X Feedback Check My Work To record a customer refund, a liability account to estimate refunds that will be paid to customers is used. Depending on whether the customer has paid for the merchandise, a cash refund or credit memo will be issued.
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