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On March 11, The Stan Still Stationery Store sold $488 of office supplies on account, terms of 3/8, n/15. Using LIFO, it determined its cost
On March 11, The Stan Still Stationery Store sold $488 of office supplies on account, terms of 3/8, n/15. Using LIFO, it determined its cost of goods sold on those office supplies was $341. On March 16, the customer returned $108 of office supplies which The Stan Still Stationery Store accepted. The cost of goods sold related to these returned office supplies was $79. As it relates to this return, to record only the sale portion of the transaction (i.e., not the inventory portion of the transaction), The Stan Still Stationery Store would debit for [Select] Sales Revenue Sales Returns & Allowances Sales Discounts Cost of Goods Sold Inventory and would credit for [ Select] On March 11, The Stan Still Stationery Store sold $488 of office supplies on account, terms of 3/8, n/15. Using LIFO, it determined its cost of goods sold on those office supplies was $341. On March 16, the customer returned $108 of office supplies which The Stan Still Stationery Store accepted. The cost of goods sold related to these returned office supplies was $79. As it relates to this return, to record only the sale portion of the transaction (i.e., not the inventory portion of the transaction), The Stan Still Stationery Store would debit [ Select] A for and would credit [Select ] $347 None of these answers is correct $79 $488 $108 or On March 11, The Stan Still Stationery Store sold $488 of office supplies on account, terms of 3/8, n/15. Using LIFO, it determined its cost of goods sold on those office supplies was $341. On March 16, the customer returned $108 of office supplies which The Stan Still Stationery Store accepted. The cost of goods sold related to these returned office supplies was $79. As it relates to this return, to record only the sale portion of the transaction (i.e., not the inventory portion of the transaction), The Stan Still Stationery Store would debit [ Select] for [ Select ] and would credit for [Select ] Accounts Receivable Cash Cost of Goods Sold Sales Returns & Allowances Inventory On March 11, The Stan Still Stationery Store sold $488 of office supplies on account, terms of 3/8, n/15. Using LIFO, it determined its cost of goods sold on those office supplies was $341. On March 16, the customer returned $108 of office supplies which The Stan Still Stationery Store accepted. The cost of goods sold related to these returned office supplies was $79. As it relates to this return, to record only the sale portion of the transaction (i.e., not the inventory portion of the transaction), The Stan Still Stationery Store would debit [ Select ] for [ Select ] and would credit [ Select] for [Select ] $79 $488 None of these answers is correct $108 $341
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