Read the Description of Following Transactions That Are Required During

question 60

Essay

Read the description of following transactions that are required during the accounting period for Mario´s Electronics. Determine the account and amount to be debited and the account and amount to be credited.
A. Sold $2,200 in merchandise on credit. The transaction did not involve sales tax.
B. Gave a $600 allowance to a credit customer for damaged merchandise. The original sale was subject to 8% sales tax
C. Received a check for $200 from a credit customer on account.
D. Sold $200 in merchandise for cash. The transaction is subject to 8% sales tax
E. Accepted a return of $100 in merchandise from a credit customer. The original sale was subject to 8% sales tax.

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Definitions:

Social Responsibility

The obligation of an organization's management towards the welfare and interests of the society in which it operates.

Connection

A relationship or link between individuals, objects, or systems that enables communication or interaction.

Code of Ethics

A set of principles and guidelines designed to help professionals conduct business honestly and with integrity.

Business

An enterprise or company participating in market, industry, or specific professional operations.