Business, 20.02.2020 01:02, maddiiie128
Dogs R US uses the perpetual inventory system to account for its merchandise. On May 1, it returned $50 of merchandise due to a defect. Assuming that the purchase was originally bought on credit, demonstrate the required journal entry to record the return by selecting all of the correct actions below. (Check all that apply.)
A. Debit Cash $50.
B. Credit Merchandise Inventory $50.
C. Debit Merchandise Inventory $50.
D. Credit Accounts Payable $50.
E. Credit Purchase Returns $50.
F. Debit Accounts Payable $50.
Answers: 1
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Dogs R US uses the perpetual inventory system to account for its merchandise. On May 1, it returned...
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