A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $500 to the vendor. Which of the following would be the correct journal entry to record these returns? O A. Merchandise Inventory 500 Accounts Payable 500 O B. Accounts Payable 500 Purchase Returns 500 OC. Purchase Returns Accounts Payable 500 500 O D. Accounts Payable 500 Merchandise Inventory 500
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $500 to the vendor. Which of the following would be the correct journal entry to record these returns? O A. Merchandise Inventory 500 Accounts Payable 500 O B. Accounts Payable 500 Purchase Returns 500 OC. Purchase Returns Accounts Payable 500 500 O D. Accounts Payable 500 Merchandise Inventory 500
Chapter10: Inventory
Section: Chapter Questions
Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...
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