A company records a sales return on an item from a customer who purchased the item on account Indicate how this transaction would impact the following sections on the financial statements: Assets Liabilities Owners' Equity Revenues Expenses A. Decrease No effect Decrease Decrease No effect B. Decrease No effect Increase Increase Decrease C. Increase Increase Increase Increase No effect D. No effect No effect No effect No effect No effect Answer A Answer B Answer C . Answer D None of the answers are correct. ScalpEm Lawn Service, Inc. completed a moving job for a new customer, Carl Complainer. Scalp Em billed Carl $250 and recorded the sale in their accounting system as follows: Accounts Receivable 250.00 Service Revenue 250.00 Prior to paying for the mowing job, Carl complains about the quality of the work. As a result of Carl's complaint, ScalpEm grants Carl an allowance of $75. Record the entry to record the granting of the allowance to Carl. (NOTE: This entry is NOT for the payment). Debit Credit A. Sales Returns and Allowance 75 Service Revenue 75 B. Accounts Receivable 75 Sales Returns and Allowances 75 C. Sales Returns and Allowances 75 Cash 75 Answer A O Answer B O Answer O No entry required when the allowance is granted O None of the answers are correct. On April 1, 2019, Sloan Company receives a $3,000. 6% annual interest rate, promissory note from Day Company in settlement of a $3,000 Accounts Receivable. The note is due in 3 months and interest is calculated using simple interest. What General Journal Entry will Sloan Company make on April 1. 2019? Debit Credit A. Accounts Receivable 3,000 Notes Receivable 3,000 B. Notes Receivable 3,045 Accounts Receivable 3.000 Interest Revenue 45 C. Notes Receivable 3,000 Interest Receivable 45 Accounts Receivable 3,000 Interest Revenue 45 D. Notes Receivable 3.000 Accounts Receivable 3,000 Answer A Answer B Answer Answer D None of the answers are correct