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Trisha Industries is a regular customer for Galaxy Company. On February 15th, Trisha purchased goods from Galaxy on account and returned them back to Galaxy
Trisha Industries is a regular customer for Galaxy Company. On February 15th, Trisha purchased goods from Galaxy on account and returned them back to Galaxy on February 17th since the goods were defective (for full refund). You have the following details available: Cost of inventory to Galaxy $6,500 Selling price to Trisha $12,540 What effect will the sales return have on the accounting equation for Galaxy Company? . Total assets decrease by $12.540 and total stockholders' equity decreases by $6,500 . Total assets and total stockholders' equity decresae by $6,500 OC. Total assets and stockholders' equity increase by $6,040 OD Total assets and total stockholders' equity decrease by $6,040 OE. Total assets decrease by $6,500 and total stockholderrs' equity decrease by $6.500
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