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Author Question: Sassycat, Inc. issued a credit memorandum to Cheshire Co. for $300 of merchandise, with associated ... (Read 407 times)

joesmith1212

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Sassycat, Inc. issued a credit memorandum to Cheshire Co. for $300 of merchandise, with associated costs of $125. Sassycat's journal entry to record the sales return would include:
◦ debit Estimated Refund Liability $125, credit Accounts Receivable — Cheshire $125.
◦ debit Inventory $300, credit Estimated Inventory Returns $300.
◦ debit Inventory $175, credit Estimated Inventory Returns $175.
◦ debit Estimated Refund Liability $300, credit Accounts Receivable — Cheshire $300.


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Marked as best answer by joesmith1212 on Feb 18, 2020

huda

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