Ask Experts Questions for FREE Help !
Ask
    ihab123's Avatar
    ihab123 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 15, 2010, 09:33 PM
    Under the perpetual inventory system, in addition to making the entry to record a sal
    Under the perpetual inventory system, in addition to making the entry to record a sales return, a company would
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Oct 16, 2010, 05:41 AM

    Debit Sales Returns and Allowances
    Credit Accounts Receivable or Cash
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Determine the ending inventory under a perpetual inventory system [ 1 Answers ]

Hi ! I've honestly spent a long time trying to figure this out, but I keep getting the answer wrong and I'm not sure how I should go about this question. I'm not asking for you to just give me the answer, if you have time to give a little explanation that would be nice so I could understand what...

Perpetual Inventory System [ 1 Answers ]

TLC Co. uses a perpetual inventory system. In the journal provided, record the journal entries for the following transactions: 2004 Jul.1-Purchased $1,000 of merchandise on account. Credit terms n/30. Jul.6-Returned $100 of the items purchased on July 1. Jul.16-Sold merchandise on account...

Perpetual inventory system [ 1 Answers ]

Using the method perpetual inventory system, how can I record in the journal entries this transactions: 1-John's purchased merchandise on account for $5000.00. Freight charges of $300.00 were paid in cash. 2-John's returned some of the merchandise purchased in 1. The cost of the merchandise was...

How to prepare the general entry for perpetual inventory system [ 1 Answers ]

Dec 1 sold merchandise on credit for 5,000, terms 3/10, n/30. The items sold had a cost of 3,500 Dec 3 purchased merchandise for cash 720 Dec 4 purchased merchandise on credit for 2600 terms 1/20, n/30 Dec 5 issused a credit memorandum for 300 to a customer who returned merchandise...

View more questions Search