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Question

Assume that Sheridan and Sheffield uses the earnings approach for

revenue recognition. Sheridan returned to Sheffield Inc. 5 damaged fuses. Sheffield accepted the return and issued a credit note for $190. Sheridan for the merchandise had purchased on account. To record this return, Sheffield's accountant must
a.debit Sales Returns and Allowances and credit Accounts Receivable for $190.
b.debit Cash and credit Sales for $190.
c.debit Sales Returns and Allowances and credit Cash for $190.
d.debit Sales and credit Cash for $190.

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Subject: Accounting, Business

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