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Make the entry to record the return of merchandise to toy

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Reference no: EM132582016

Question 1: Company XYZ purchased toy merchandise for resale for a total of $10,000 with terms 2/10, n/30. If company XYZ uses the gross method and returns $500 worth of merchandise to its supplier, the entry to record the return of merchandise to the toy supplier includes which of the following:

Credit to Purchases Returns and Allowances $490
Debit to Discounts Lost $10
Debit to Accounts Payable $500
Debit to Purchases Returns and Allowances $490
None of the other alternatives are correct
Which is Correct?

Reference no: EM132582016

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