A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry torecord these returns?OA. Accounts Payable900Merchandise Inventory900OB. Accounts Payable900Purchase Returns900OC. Merchandise Inventory900Accounts Payable900OD. Purchase Returns900Accounts Payable900

The objective of the question is to identify the correct journal entry to record the return of…

Answered: A company that uses a perpetual…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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