QUESTION: Journalize the adjustment for customer returns and allowances is $60,0

Question

QUESTION: Journalize the adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold.

Income Summary

please add to what accounts you would debit/credit balances to

Miscellaneous Administrative Expense

CHART OF ACCOUNTS Palisade Creek Co. General Ledger ASSETS 110 Cash 112 Accounts Receivable 115 Merchandise Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable EQUITY 310 Lynn Tolley, Capital 311 Lynn Tolley, Drawing 312

Income Summary

please add to what accounts you would debit/credit balances to

REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539

Miscellaneous Administrative Expense

Explanation / Answer

Account Titles Debit Credit $ $ Sales 60,000 Merchandise inventory 35,000 Accounts receivable / Customers refunds payable 60,000 Cost of merchandise sold 35,000

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