The Journal Entry to Record a Customer's Return of an Item

question 28

Multiple Choice

The journal entry to record a customer's return of an item for a cash refund would:

• A)be the same under both the periodic and perpetual system.
• B)only include one entry under the perpetual system.
• C)include two entries under the perpetual system.
• D)include none of the above.

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Definitions:

Indicated Operations

The specific mathematical operations (addition, subtraction, multiplication, division) directed to be performed in an expression or equation as denoted by symbols or operation words.

FOIL Method

A technique used to multiply two binomials, standing for First, Outer, Inner, Last.

FOIL Method

A technique used to multiply two binomials by multiplying the First, Outer, Inner, and Last pairs of terms.

Quadratic Polynomial

A polynomial of degree two, generally in the form of \(ax^2 + bx + c\), where \(a \neq 0\).