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Which the entry to record the return of goods from customer

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Reference no: EM132739262

Problem 1: The entry to record the return of goods from a customer would include a

a. credit to Sales

b. credit to Sales Returns and Allowances

c. debit to Sales

d. debit to Sales Returns and Allowances.

Problem 2: Statement of changes in equity

a. has no relationship with the balance sheet

b. shows the income and expenses of the entity for a given period

c. provides a link between the income statement and the balance sheet

d. indicates whether the cash position of the entity will permit withdrawals by the owner

Reference no: EM132739262

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