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Read the Description of Following Transactions That Are Required During

Question 65

Essay

Read the description of following transactions that are required during the accounting period for Drummond Consulting Services. Determine the account to be debited and the account to be credited.
A. Received a check from a credit customer on account.
B. Accepted a return of merchandise from a credit customer. The original sale involved sales tax.
C. Sold merchandise on credit. The transaction involved sales tax.
D. Gave an allowance to a credit customer for damaged merchandise. The original sale involved sales tax
E. Sold merchandise on credit. The transaction did not involve sales tax.

Correct Answer:

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A. Debit Cash; credit Accounts Receivabl...

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