A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $800.00 to the vendor (prior to payment). Which of the following would be the correct journal entry to record these returns? ○ A. Accounts Payable 800 Purchase Returns 800 B. Merchandise Inventory Accounts Payable 800 800 ○ C. Accounts Payable 800 Merchandise Inventory 800 OD. Purchase Returns 800 Accounts Payable 800

A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $800.00 to the vendor (prior to payment). Which of the following would be the correct journal entry to record these returns? ○ A. Accounts Payable 800 Purchase Returns 800 B. Merchandise Inventory Accounts Payable 800 800 ○ C. Accounts Payable 800 Merchandise Inventory 800 OD. Purchase Returns 800 Accounts Payable 800

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 3MC: Under the periodic inventory system, what account is debited when an estimate is made for the cost...

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