Business, 06.12.2021 22:20 melinasilerox9mjh

Samuels receives $20,000 in cash from a customer on April 1 for the sale of merchandise. The merchandise was carried at $16,000 on Samuels' books and Samuels anticipates having to refund 25 percent. Two months later, the customer returns the expected amount of goods to Samuels. Which of the following line items correctly reflects the journal entries by Samuels on the applicable date? A. The journal entry on April 1 will include a credit to "revenue" of $20,000.
B. The journal entry on April 1 will include a debit to "refund liability" for $5,000.
C. The journal entry on June 1 will include a debit to "refund liability" for $4,000.
D. The journal entry on June 1 will include a credit to "cost of goods sold" for $4,000.

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Samuels receives $20,000 in cash from a customer on April 1 for the sale of merchandise. The merchan...

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