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B-Mart sells $5,000 of blue jeans. The customer later tells B-Mart that $200 of them are defective. The sale of the $5,000 of blue jeans on account has already been recorded. The customer agrees to keep the blue jeans and B-Mart agrees to a $200 allowance. Assuming a perpetual inventory system is used, B-Mart will:

	debit Inventory for $200 and credit Accounts receivable for $200.
	debit Accounts receivable for $200 and credit Sales Returns & Allowances for $200.
	debit Sales Returns & Allowances for $200 and credit Accounts Receivable for $200.
	debit Accounts receivable for $200 and credit Inventory for $200.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797356

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