On October 1,Robertson Company sold inventory in the amount of $5,800 to Alberta,with credit terms of 2/10,n/30.The cost of the items sold is $4,000.Robertson uses the periodic inventory system.On October 4,Alberta returns some of the inventory.The selling price of the inventory is $500 and the cost of the inventory returned is $350.What journal entry (entries)will be recorded by Robertson October 4?
A) Debit Sales Returns & Allowances and credit Accounts Receivable for $500; debit Inventory and credit Cost of Goods Sold for $350
B) Debit Sales Returns & Allowances and credit Accounts Receivable for $500
C) Debit Accounts Receivable and credit Sales Returns & Allowances for $500
D) Debit Accounts Receivable and credit Sales Returns & Allowances for $500; debit Cost of Goods Sold and credit Inventory for $350

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The Answer of On October 1,Robertson Company sold inventory in the amount of $5,800 to Alberta,with credit terms of 2/10,n/30.The cost of the items sold is $4,000.Robertson uses the periodic inventory system.On October 4,Alberta returns some of the inventory.The selling price of the inventory is $500 and the cost of the inventory returned is $350.What journal entry (entries)will be recorded by Robertson October 4?
A) Debit Sales Returns & Allowances and credit Accounts Receivable for $500; debit Inventory and credit Cost of Goods Sold for $350
B) Debit Sales Returns & Allowances and credit Accounts Receivable for $500
C) Debit Accounts Receivable and credit Sales Returns & Allowances for $500
D) Debit Accounts Receivable and credit Sales Returns & Allowances for $500; debit Cost of Goods Sold and credit Inventory for $350

On October 1,Robertson Company Sold Inventory in the Amount of $5,800