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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
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
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