22-Golden Furniture in Muscat follows periodic inventory method. The business sold Merchandise 100 study table at a cost of OMR 70 each under the terms of 3/EOM n/60 on 1st March 2019. The business receives goods returned by customer for 40 study table due to wrong delivery of office table. Customer request for a full refund on 12th March 2019. Which of the following statement is True in the books of of Golden furniture on 12th March 2019? a. The business should raise a debit note for the return of goods OMR 2,800 b. The business should raise a credit note for the return of goods OMR 2,800 c. The business may deduct 3% discount if the invoice is paid before 12th March 2019 d. The business should raise a sales invoice OMR 2,800
22-Golden Furniture in Muscat follows periodic inventory method. The business sold Merchandise 100 study table at a cost of OMR 70 each under the terms of 3/EOM n/60 on 1st March 2019. The business receives goods returned by customer for 40 study table due to wrong delivery of office table. Customer request for a full refund on 12th March 2019. Which of the following statement is True in the books of of Golden furniture on 12th March 2019? a. The business should raise a debit note for the return of goods OMR 2,800 b. The business should raise a credit note for the return of goods OMR 2,800 c. The business may deduct 3% discount if the invoice is paid before 12th March 2019 d. The business should raise a sales invoice OMR 2,800
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6E
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22-Golden Furniture in Muscat follows periodic inventory method. The business sold Merchandise 100 study table at a cost of OMR 70 each under the terms of 3/EOM n/60 on 1st March 2019. The business receives goods returned by customer for 40 study table due to wrong delivery of office table. Customer request for a full refund on 12th March 2019. Which of the following statement is True in the books of of Golden furniture on 12th March 2019?
a.
The business should raise a debit note for the return of goods OMR 2,800
b.
The business should raise a credit note for the return of goods OMR 2,800
c.
The business may deduct 3% discount if the invoice is paid before 12th March 2019
d.
The business should raise a sales invoice OMR 2,800
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