Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O Credit to Sales for $11,466 O Debit to Customer Refunds Payable for $234 O Debit to Accounts Receivable for $11,700 O Debit to Cash for $11,700

Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O Credit to Sales for $11,466 O Debit to Customer Refunds Payable for $234 O Debit to Accounts Receivable for $11,700 O Debit to Cash for $11,700

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 26MC: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...

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Question

Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a
O Credit to Sales for $11466
O Debit to Customer Refunds Payable for $234
O Debit to Accounts Recevable for $11,700
O Debit to Cash for $11,700
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