Question 8 (1 point) Question 9) On August 5, Michaels Ltd, sells goods for $1,500...
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Question 8 (1 point) Question 9) On August 5, Michaels Ltd, sells goods for $1,500 on account and the cost to Michaels was $800. Michaels expects a return rate of 5%. On August 12, goods with a selling price of $400 and a cost of $215 are returned for credit and restored to inventory. The journal entry to record the return of goods on August 12 would include: d. debit to Accounts Receivable for $1,500. b. debit to Inventory for $215. Oe. credit to Refund Liability for $75. a. debit to Estimated Inventory Returns for $215. O c. debit to Refund Liability for $80. Question 8) On August 5, Michaels Ltd. sells goods for $1,500 on account and the cost to Michaels was $800. Michaels expects a return rate of 5%. On August 12, goods with a selling price of $400 and a cost of $215 are returned for credit and restored to inventory. The journal entry to record the sale on August 5 would include: O c. credit to Refund Liability for $80. O a. credit to Estimated Inventory Returns for $215. O b. credit to Inventory for $215. O d. credit to Accounts Receivable for $1,500. e. credit to Refund Liability for $75. e
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