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Young's is a distributor of custom umbrellas. They shipped 500 units to a high end store on Bay Street. Each umbrella was sold to the storefor $15.
Young's is a distributor of custom umbrellas. They shipped 500 units to a high end store on Bay Street. Each umbrella was sold to the storefor $15. Unfortunately, the logo on the umbrellas was not 100% accurate. Rather than returning them, the store agreed to keep the umbrellas if Young's offered them a 30% discount. Young's accepted the conditions. Which of the following journal entries would Young's make when the store settles the account?
Select one:
a. Dr Cash $7,500, Cr Accounts Receivable $5,250, Cr Sales Returns & Allowances $2,250
b. Cr Cash $5,250, Cr Sales Returns & Allowances $2,250, DrAccounts Receivable $7,500
c. DrCash $5,250, CrAccounts Receivable $5,250
d. Cr Accounts Receivable $7,500,DrCash $5,250, DrSales Returns & Allowances $2,250
