The Entry to Record the Return of Merchandise from a Customer

question 206

Multiple Choice

The entry to record the return of merchandise from a customer would include a

• A) debit to Sales
• B) credit to Sales
• C) debit to Customer Refunds Payable
• D) debit to Estimated Returns Inventory

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Definitions:

Compensation

Refers to the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required.

Commission

A fee paid to an agent or employee for transacting a piece of business or performing a service, especially a percentage of the money received from a total paid to the agent responsible for the business.

Human Capital

The total of competencies, wisdom, or intangible valuables of individuals that have the potential to yield financial value for the people, their places of employment, or their local area.

Labor-Market Discrimination

Occurs when two equally qualified individuals are treated differently based on arbitrary characteristics such as race, gender, religion, or nationality in employment decisions.