Question
Merchandising Activities Benson Nutrition sold merchandise for $2,500 which cost them $970 on account. The customer was dissatisfied with some of the goods and returned
Merchandising Activities
Benson Nutrition sold merchandise for $2,500 which cost them $970 on account.
The customer was dissatisfied with some of the goods and returned $450 worth (sales price) and received a cash refund.
Instructions: (a) What Journal Entries should Benson Nutrition enter at the time sold and at the time of the return ?
Assume that Benson Nutrition uses a Perpetual Inventory System.
Date | Account Titles | Debit | credit
B.If Benson Nutrition uses a Periodic Inventory System,what entries should made?
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Accounting For Non-Accounting Students
Authors: John R. Dyson, Ellie Franklin
9th Edition
978-1292128979, 1292128976
