FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $800.00 to the vendor (prior to payment). Which of the following would be the correct
journal entry to record these returns?
○ A. Accounts Payable
800
Purchase Returns
800
B. Merchandise Inventory
Accounts Payable
800
800
○ C. Accounts Payable
800
Merchandise Inventory
800
OD. Purchase Returns
800
Accounts Payable
800
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Transcribed Image Text:A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $800.00 to the vendor (prior to payment). Which of the following would be the correct journal entry to record these returns? ○ A. Accounts Payable 800 Purchase Returns 800 B. Merchandise Inventory Accounts Payable 800 800 ○ C. Accounts Payable 800 Merchandise Inventory 800 OD. Purchase Returns 800 Accounts Payable 800
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