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. Gave a $300 allowance to a credit customer for damaged merchandise. The original sale involved a 10 percent sales tax.
B. Accepted a return of $150 in merchandise from a credit customer. The original sale involved 5 percent sales tax.
C. Sold $200 in merchandise for cash. The transaction involved 8 percent sales tax.
D. Received a check for $50 from a credit customer on account.
E. Sold $1,200 in merchandise on credit. The transaction did not involve sales tax.

Question

Quizplus · Accepted Answer

The Answer of 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. Gave a $300 allowance to a credit customer for damaged merchandise. The original sale involved a 10 percent sales tax.
B. Accepted a return of $150 in merchandise from a credit customer. The original sale involved 5 percent sales tax.
C. Sold $200 in merchandise for cash. The transaction involved 8 percent sales tax.
D. Received a check for $50 from a credit customer on account.
E. Sold $1,200 in merchandise on credit. The transaction did not involve sales tax.

Read the Description of Following Transactions That Are Required During