Reference no: EM132768585
Problem 1: Credit sales for the year were $120,000. Collections on account were $108,000. Which debit or credit should be included in the summary journal entry necessary to record the $108,000 cash collection on account?
A. Credit sales for $108,000
B. Credit accounts receivable for $108,000
C. Debit accounts receivable for $108,000
D. Debit sales for $108,000
Problem 2: On July 12, goods were sold for $10,000. Cash of $1,000 was received, and the $9,000 remainder was on account. The customer returned the goods before paying any of the remaining $9,000 on account. Which debit or credit should be included in the journal entry on the seller's books to record the return of the goods?
A. Debit accounts receivable for $9,000
B. Debit accounts receivable for $10,000
C. Debit sales returns and allowances for $10,000
D. Credit cash for $10,000
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