X-Mart uses the perpetual inventory system to account for its merchandise. A customer who purchased merchandise on account requested an allowance on a merchandise purchase due to its poor quality, but he did not return the goods back to X-Mart. Assuming that X-mart gives an allowance of $50 on the merchandise, demonstrate the required journal entry on X-Mart's books to record the allowance by selecting all of the correct actions below.
a. Debit Merchandise Inventory $50.
b. Credit Merchandise Inventory $50.
c. Credit Sales Returns and Allowances $50.
d. Debit Sales Returns and Allowances $50.
e. Credit Cost of Goods Sold $50.
f. Debit Cost of Goods Sold $50.
g. Credit Accounts Receivable $50.
h. Credit Cash $50.
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X-Mart uses the perpetual inventory system to account for its merchandise. A customer who purchased...
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