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REcording Sales Returns On March 5, Monicas Cooking Company sells inventory to a customer for...

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Accounting

REcording Sales Returns On March 5, Monicas Cooking Company sells inventory to a customer for $2,000. On March 13, the customer returns $750 of merchandise. The accountant recorded the return with the following entry:

March 13 Sales 750

Accounts Receivable 750

REQUIRED: Prepare the entry the accountant should have made when the merchandise was returned on March 13 and explain why the accountants entry was incorrect. Ignore any effect on cost of goods sold or inventory using T-Accounts.

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