Jones Company, a Customer, Has Been Authorized to Return $1,000 $\begin{array}{cc}\text { Sales Returns and Allowances } & 1,000 \\\text { Accounts Receivable } & 1,000\end{array}$

question 95

Multiple Choice

Jones Company, a customer, has been authorized to return $1,000 of goods purchased on account. The journal entry to record this transaction is

• A)
• \(\begin{array}{cc}
• \text { Sales Returns and Allowances } & 1,000 \\
• \text { Accounts Receivable } & 1,000
• \end{array}\)
• B)
• Sales \( \quad 1,000 \)
• Sales Returns and Allowances \( \quad 1,000 \)
• C)
• \(\begin{array}{lr}
• \text { Sales Returns and Allowances } & 1,000 \\
• \text { Inventory } & 1,000
• \end{array}\)
• D)
• \(\begin{array}{lll}
• \text { Accounts Receivable } & 1,000 & \\
• \text { Sales Returns and Allowances }
• \end{array} 1,000\)

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