jan. 8 received a $200 sales return on damaged goods from akron furniture store. cost of goods damaged is…

jan. 8 received a $200 sales return on damaged goods from akron furniture store. cost of goods damaged is $100. start by preparing the entry to record the sales return. do not update the merchandise inventory with this entry. we will do that in the following step date accounts debit credit jan 8

jan. 8 received a $200 sales return on damaged goods from akron furniture store. cost of goods damaged is $100. start by preparing the entry to record the sales return. do not update the merchandise inventory with this entry. we will do that in the following step date accounts debit credit jan 8

Answer

Explanation:

Step1: Identify the accounts affected

When there is a sales return, the Sales Returns and Allowances account is debited to reduce sales revenue, and the Accounts Receivable (assuming the sale was on credit) or Cash (if it was a cash - sale) account is credited. Debit: Sales Returns and Allowances $200 Credit: Accounts Receivable (or Cash) $200

Answer:

Date Accounts Debit Credit
Jan 8 Sales Returns and Allowances $200
Jan 8 Accounts Receivable (or Cash) $200