Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help i'll give upvote, i dont know if i chose the correct answer i picked it randomly please select the CORRECT one TB MC

please help i'll give upvote, i dont know if i chose the correct answer i picked it randomly please select the CORRECT one
image text in transcribed
image text in transcribed
TB MC Qu. 04-162 (Static) on March 12, Fret Company... On March 12, Fret Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, 1/30. The cost of the items sold is $4,500. Fret uses the perpetual inventory system and the net method of accounting for sales. On March 15, Babson returns some of the merchandise. The selling price of the returned merchandise is $600 and the cost of the merchandise returned is $350. The entry or entries that Fret must make on March 15 is (are): Multiple Choice Credit Debit 588 Account Title Sales Returns and Allowances Accounts Receivable Merchandise Inventory Cost of Goods Sold 588 350 350 Credit Debit 588 Account Title Sales Returns and allowances Accounts Receivable Merchandise Inventory Cost of Goods Sold 588 343 343 Credit Account Title Accounts Receivable Sales Returns and Allowances Debit 600 600 Credit Debit 600 Account Title Accounts Receivable Sales Returns and Allowances Coat of Goods Sold Merchandise Inventory 600 350 350 Account Title Sales Returns and Allowances Accounts Receivable Debit 350 Credit 356

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Warren, Reeve, Duchac

12th Edition

1133952410, 9781133952411, 978-1133952428

More Books

Students also viewed these Accounting questions