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-   -   Journalizing transactions? (https://www.askmehelpdesk.com/showthread.php?t=551541)

  • Feb 5, 2011, 09:44 AM
    lilianahagewood
    Journalizing transactions?
    Made refunds to cash customers for returned merchandise $149. The returned merchandise had cost $107.
  • Feb 5, 2011, 10:17 AM
    pready

    Debit Sales Returns & Allowances for $149
    Credit Cash for $149
    To record a reversal of a sale by a customer

    Debit Merchandise Inventory for $107
    Credit Cost of Goods Sold for $107
    To record merchandise returned by a customer

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