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Question - On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. What the entry or entries that Vander must make on September 14?
a. Sales returns and allowances 500 Accounts receivable 500
b. Accounts receivable 500 Sales returns and allowances 500
c. Accounts receivable 500 Sales returns and allowances 500Cost of goods sold350 Merchandise inventory 350
d. Sales returns and allowances 500 Accounts receivable 500Merchandise inventory350 Cost of goods sold 350
e. Sales returns and allowances 350 Accounts receivable 350
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