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Unformatted text preview: 21 Accounts Payable 600 Cash 594 Merchandise Inventory 6 27 Sales Returns and Allowances 40 Accounts Receivable 40 Merchandise Inventory Cost of Goods Sold (to record cost of goods returned) 30 Cash 1000 Accounts Receivable 1000 (record purchase of merchandise from Ellis Co. ) (record a sales to memebers ) (record purchase of merchandise from Penguin Sportswear ) (payment to Ellis. Co less discount) (record credit to Penguin Sportswear for return) (record sales to members ) cms = 490 (record credit to memebers for returned merchandise)...
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- Fall '06