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    lilianahagewood's Avatar
    lilianahagewood Posts: 2, Reputation: 1
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    #1

    Feb 5, 2011, 09:44 AM
    Journalizing transactions?
    Made refunds to cash customers for returned merchandise $149. The returned merchandise had cost $107.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Feb 5, 2011, 10:17 AM

    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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