a. A debit to the accounts Receivable account in the basic ledger and also a credit to the customer"s account in the accounts receivable subsidiary ledger.

You are watching: A debit to sales returns and allowances and a credit to accounts receivable

b. A credit transaction to the accounts Receivable account in the general ledger and a debit to the customer"s account in the accounts receivable subsidiary ledger.

c. A credit to Sales and also a credit to the customer"s account in the accounts receivable subsidiary ledger.

d. A debit come the account Receivable account in the general ledger and also a debit come the customer"s account in the account receivable subsidiary ledger.

e. A credit to the account Receivable account in the general ledger and a credit transaction to the customer"s account in the accounts receivable subsidiary ledger.


*

cerisecoyote781

Use the following information toanswer the following 11 questions. SELECT every ANSWERS THATAPPLY.

On may I. Sam firm sold $5,000of inventory come Bob Company. The sale to be made on account and Samgranted Bob credit terms of 2/10. N/30. The inventory expense SamCompany $3,000. On may 3, Bob changed $1,000 the the inventory toSam. (The inventory changed by Bob expense Sam $600.) On might 9, Bobpaid Sam in complete for the quantity due.

1. What account will certainly Bob debit on might I if the periodicinventory system is used?

A) accounts Payable

B) cost of products Sold

c) was Inventory

D) Purchases

E) nobody of the above

2. What account will certainly Bob debit on may I if the perpetualinventory device is used?

A) accounts Payable

B) expense of goods Sold

C) was Inventory

D) Purchases

E) none of the above

3. What account will Sam debit on may l if the periodicinventory system, is used?

A) account Payable

B) cost of goods Sold

C) merchandise Inventory

D) Purchases

E) none of the above

4. What account will Sam debit on may I if the perpetualinventory system is used?

A) account Payable

B) cost of products Sold

C) was Inventory

D) Purchases

E) no one of the above

5. What newspaper entry will Bob document on may 3 if the periodicinventory device is used?

A) debit account Payable, $1,000; credit Merchandise Inventory,$1,000.

B) debit account Payable, $1,000; credit Purchases, $1,000.

C) debit accounts Payable, $1,000; credit acquisition Discounts,$1,000.

D) debit accounts Payable, $1,000; credit purchase Returns andAllowances, $1,000.

E) debit was Inventory; $600; credit cost of products Sold,$600.

6. What newspaper entry will Bob record on may 3 if the perpetualinventory device is used?

A) debit account Payable, $1,000; credit transaction Merchandise Inventory,$1,000.

B) debit account Payable, $1,000; credit Purchases, $1,000.

C) debit accounts Payable, $1,000; credit purchase Discounts,$1,000.

D) debit accounts Payable, $1,000; credit purchase returns andAllowances, $1,000.

E) debit merchandise Inventory; $600; credit price of goods Sold,$600.

7. What journal entry will certainly Sam record on might 3 if the periodicinventory device is used?

A) debit merchandise Inventory, $600; credit cost of goods Sold,$600.

B) debit Sales, $1,000; credit transaction Accounts Receivable, $1,000.

C) debit Sales, $1,000; credit Cash, $1,000.

D) debit Sales Returns and Allowances, $1,000; credit transaction AccountsReceivable, $1,000.

E) debit Sales Returns and Allowances, $1,000; credit Cash,$1,000.


32. The adhering to information to be abstracted native the 2016 financial statements of Jennings Company:

Sales (cash and credit) ...............................................

$747,000

*

Accounts Receivable, December 31, 2016 ..............

128,000

Allowance for hesitant Accounts .....................

1,000

debit balance

Sales discounts .....................................

18,000

*

Sales returns .......................................

12,400

*

*30% of sales room credit sales ........................

*Sales discounts and returns have to be deducted to determine net sales.

a. Prepare the adjusting entry for hesitant accounts price under every of the adhering to assumptions:

(1)

5 percent of existing accounts receivable space uncollectible, (remember the debit balance the $1,000).

(2)

3 percent of credit transaction sales room uncollectible.

See more: Can Bearded Dragons Eat Sweet Potatoes ? What You Need To Know

(3) Joe blacksmith a customer v a balance of $1,200 is bankrupt and also the auditor notifies you to compose off the account together a poor debt.