Solution-Which entry to record purchase return would

Which entry to record purchase return would include a credit

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Reference no: EM132818025

Problem 1: Under the perpetual inventory system, the entry to record a purchase return would include a credit to

a. Accounts Payable.

b. Cost of Goods Sold.

C. Merchandise Inventory.

d. Purchases Returns and Allowances.

Problem 2: Under the perpetual inventory system, in addition to making the entry to record a sales return, an entity would

a. debit Cost of Goods Sold and credit Merchandise Inventory.

b. debit Cost of Goods Sold and credit Purchases.

C. debit Merchandise Inventory and credit Cost of Goods Sold.

d. make no additional entry until the end of the period.

Problem 3: Merchandise inventory becomes part of cost of goods sold when an entity

a. pays for the inventory.

b. purchases the inventory.

Creceives payment from the customer.

d. sells the inventor

Reference no: EM132818025

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Which entry to record purchase return would include a credit

Reference no: EM132818025

Reference no: EM132818025

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