Sales returns and allowances


Task: Dave's Wildlife Resort

101 Cash 401 Sales

111 Accounts Receivable 451 Sales Returns and Allowances

231 Sales Tax Payable

May 1. Sold Merchandise on credit; the transaction involved sales tax.

       2. Received checks from credit customers on account.

       3. Accepted a return on merchandise from credit customers; the original sale involved sales tax.

       4. Sold merchandise for cash; the transaction involved sales tax.

       5. Gave an allowance to a credit customer for damaged merchandise; the original sale involved sales tax.

       6. Provided a cash refund to a customer who returned merchandise; the original sale was me for cash and involved sales tax.

Indicate the numbers on the general ledger account that would be debited and credited to record each transaction.

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Accounting Basics: Sales returns and allowances
Reference No:- TGS01881367

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