On Dec. 20, X-Mart returned $100 of defective merchandise to its supplier. Demonstrate the required journal entry that X-Mart will record for the return, assuming the purchase was made on account and that X- Mart uses the periodic inventory system. Multiple choice question. Debit Accounts Payable $100 and credit Purchase Returns $100. Debit Purchases Returns and Allowances $100 and credit Accounts Payable $100. Debit Accounts Payable $100 and credit Cash $100. Debit Accounts Payable $100 and credit Merchandise Inventory $100.
On Dec. 20, X-Mart returned $100 of defective merchandise to its supplier. Demonstrate the required journal entry that X-Mart will record for the return, assuming the purchase was made on account and that X- Mart uses the periodic inventory system. Multiple choice question. Debit Accounts Payable $100 and credit Purchase Returns $100. Debit Purchases Returns and Allowances $100 and credit Accounts Payable $100. Debit Accounts Payable $100 and credit Cash $100. Debit Accounts Payable $100 and credit Merchandise Inventory $100.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 24EA: Post the following November transactions to T-accounts for Accounts Payable and Inventory,...
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