Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On September 12. Ryan Company sold merchandise in the amount of S7200 to Johnson Company with credit forms of 210,6/30. The cost of the items
On September 12. Ryan Company sold merchandise in the amount of S7200 to Johnson Company with credit forms of 210,6/30. The cost of the items sold is $4700. Ryan uses the periodic Inventory system and the net method of accounting for sales on September 10, Johnson teluins some of the non detective merchandise, which is restored to inventory. The selling price of the retumed merchandise is 5640 and the cost of the merchandise returned is $420. The entry or entries that Ryan must make on September is (are Mun Choice Sales return allorances Accounts receivable Merchandiseve tony Cost foods.com 420 020 Sales returns and allowances Accounts receivable Sales returns and allows Neceivable ME GEW e A E de Types Sac 711 F10 F12 Fn F9 sest Pus 627 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 627 428 420 640 Sales returns and allowances Accounts receivable 6401 627 Sales returns ans allowances Accounts receivable 627 627 627 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 412 412 420 Sales returns and allowances Accounts receivable 420
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started