Ace Electronics,which Uses a Perpetual Inventory System,recorded a Debit to Sales

question 89

Multiple Choice

Ace Electronics,which uses a perpetual inventory system,recorded a debit to Sales Returns & Allowances and a credit to Accounts Receivable,along with a debit to Inventory and a credit to Cost of Goods Sold.What business event must have taken place?

• A) The customer received a damaged product, but kept the product and asked for a reduction in the price.
• B) The customer received a damaged product and returned it.
• C) The customer received a discount because the invoice was paid on time.
• D) The customer sent in a partial payment and promised to pay the balance next month.

---

Definitions:

Canada's Health Act

Legislation that sets the framework for the provision of universal health care in Canada, emphasizing public administration, comprehensiveness, universality, portability, and accessibility.

Disabilities

Physical or mental conditions that limit a person's movements, senses, or activities, often requiring accommodations for full participation in society.

Daily Living

Activities and tasks that are performed regularly by an individual in the course of a normal day, including basic self-care, work, and leisure activities.

Minority Status

A social position held by a group of people in a society who are fewer in number relative to other groups and often face disparities in power, resources, and rights.