Galaxy Company sold merchandise costing $3,400 for $5,800 cash. The merchandise was later returned by the customer for a refund. The company uses the perpetual inventory system. What effect will the sales return have on the financial statements

Total assets and total equity decrease by $2,400

Explanation:

The journal entry to record the sales return is

Sales return Dr $5,800

      To account receivable $5,800

(being the sales return is recorded)

Inventory Dr $3,400

      To cost of goods sold $3,400

(Being the inventory is recorded)

So as we can see that total assets and total equity decreased by

= $5,800 - $3,400

= $2,400

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the divergent