Solution-Which entries would be made to record a return of

Which entries would be made to record a return of inventory

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Problem 1: A company uses the perpetual inventory method. Which of the following entries would be made to record a purchase of inventory on account?

A) The accounting entry would be a debit to Accounts Payable and a credit to Inventory.

B) The accounting entry would be a debit to Accounts Payable and a credit to Purchases.

C) The accounting entry would be a debit to Purchases and a credit to Accounts Payable.

D) The accounting entry would be a debit to Inventory and a credit to Accounts Payable.

Problem 2: A company uses the perpetual inventory method. Which of the following entries would be made to record a return of $200 of inventory purchased on account?

A) The accounting entry would be a $200 debit to Purchases and a $200 credit to Accounts Payable.

B) The accounting entry would be a $200 debit to Accounts Payable and a $200 credit to Purchases.

C) The accounting entry would be a $200 debit to Inventory and a $200 credit to Accounts Payable.

D) The accounting entry would be a $200 debit to Accounts Payable and a $200 credit to Inventory

Reference no: EM132792939

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Which entries would be made to record a return of inventory

Reference no: EM132792939

Reference no: EM132792939

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