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

Name: A company that uses a perpetual inventory system purchased inventory
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Description: 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 InventoryAccounts P

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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