Tiger CoSold Merchandise on Account to a Customer

question 41

Multiple Choice

Tiger Co.sold merchandise on account to a customer.The customer returned some of that merchandise because it was not satisfactory.What journal entry will Tiger use to record the return?

• A) Debit Sales Revenue and credit Inventory
• B) Debit Sales Returns & Allowances and credit Cash
• C) Debit Sales Revenue and credit Cost of Goods Sold
• D)Debit Sales Returns & Allowances and credit Accounts Receivable; and debit Inventory and credit Cost of Goods Sold

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Definitions:

Company Culture

The shared values, behaviors, and beliefs that characterize the social and psychological environment of a business organization.

Promoted Manager

An individual who has been elevated to a managerial position within an organization, usually as a recognition of their skills, achievements, and potential as a leader.

Potential

The inherent ability or capacity for growth, development, or future success.

Common Values

Shared beliefs or standards of behavior that help to unite and guide the members of a group, community, or organization.