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The transactions below took place at Washington Outdoor Adventures, a retail business that sells outdoor clothing and camping equipment. Indicate the general ledger accounts that
The transactions below took place at Washington Outdoor Adventures, a retail business that sells outdoor clothing and camping equipment. Indicate the general ledger accounts that would be debited and credited to record each transaction. Date Transactions May 1 Sold merchandise on credit, the transaction involved sales tax May 2 Received checks from credit customers on account May 3 Accepted a return of merchandise from a credit customer, the original sale involved sales tax May 4 Sold merchandise for cash, the transaction involved sales tax. May 5 Gave an allowance to a credit customer for damaged merchandise, the original sale involved sales tax May 6 Provided a cash refund to a customer who returned merchandise, the onginal sale was made for cash and involved sales tax Debit Accounts receivable Sales returns and allowances, Sales tax payable Credit Accounts receivable
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