Answer:
2 May 2016 Debit Accounts receivables $4,500; Credit Sales Revenue $4,500
2 May 2016 Debit Cost of goods sold expense $3,000; Credit Inventory $3,000
2 May 2016 Debit Cost of goods sold expense $200; Credit Bank $200
3 May 2016 Debit Sales returns $450; Credit Accounts receivables $450
3 May 2016 Debit Inventory $300; Credit Cost of goods sold $300
Step-by-step explanation:
2 May 2016 Debit Accounts receivables $4,500; Credit Sales Revenue $4,500
2 May 2016 Debit Cost of goods sold expense $3,000; Credit Inventory $3,000
2 May 2016 Debit Cost of goods sold expense $200; Credit Bank $200
3 May 2016 Debit Sales returns $450; Credit Accounts receivables $450
3 May 2016 Debit Inventory $300; Credit Cost of goods sold $300
- Sales returns is called a contra revenue account. It'll reduce the amount of sales since the goods were returned, but keep the amount separate.