Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of merchandise sold was $1,850. Global Company refunded Montana Industries $900 for returned merchandise. The cost of merchandise sold was $600. Which of the following will be recorded by Global Company in the journal entry for the refund from the sale?
A. debit to Customer Refunds Payable, $900
B. credit to Accounts Receivable, $600
C. credit to Customer Refunds Payable, $900
D. debit to Cash, $600
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of merchandise sold was $1,850. Global Company refunded ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
An activity-based costing system that is designed for internal decision-making will not conform to generally accepted accounting principles because: A. some manufacturing costs (i. e.
Answers (1)
One of the three economic questions deals with deciding a what goods and services should be produced. b what the costs of production should be. c how goods and services will be marketed. d how consumers will receive products.
Answers (1)
Assume that the football team is set up as limited partnership. Lenny is the only general partner and Sarah and Sam are the only limited partners.
Answers (1)
The market system depends on private property ownership and the protection of private property rights to a. Make sure that there are adequate safeguards against theft. b.
Answers (1)
Companies can encourage hard work and dedication from their employees
Answers (1)
New Questions in Business
A fire destroys all of the merchandise of Coronado Company on February 10, 2017. Presented below is information compiled up to the date of the fire: Inventory, January 1, 2017 $423,300 Sales revenue to February 10, 2017 1,924,500 Purchases to
Answers (1)
How should you use operating costs when calculating incremental cash flows? Group of answer choices: A. Do not subtract operating costs, and then subtract taxes on operating income before operating costs. B. Subtract operating costs. C.
Answers (1)
The following selected data are from a recent statement of cash flows: Net cash flow from operating activities $ 35,000 Net cash flow used for investing activities (20,000) Net cash flow used for financing activities 60,000 Ending cash balance
Answers (1)
Gates Corporation reported the following information concerning its direct materials: Direct materials purchased (actual) $ 673,000 Standard cost of materials purchased $ 688,000 Standard price times actual amount of materials used $ 444,000 Actual
Answers (1)
how fiscal policy can be used to slow down an economy that is growing at a rate faster than what is sustainable in the long-term if the policy makers are concerned that such a high growth may create undesirably high rates of inflation in the future.
Answers (1)