On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account. The cost of the goods was $3,000. On March 20, Home Fu goods damaged in transit. Which of the following represents the correct way to record this tr rnishings granted the customer a $1,000 sales allowance for 1?
A. Refunds Payable 1,000 Cash 600 Merchandise Inventory 600 Estimated Returns Inventory 1,000
B. Refunds Payable O Accounts Receivable 1,000 1000
C. Sales Revenue O Cash 1,000
D. Sales Returns and Allowances1,000 Cash 1,000
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