Solution-Which entry to record the return of goods from a

Which entry to record the return of goods from a customer

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Reference no: EM132818021

Problem 1: Under the perpetual inventory system, which of the following accounts would not be used?

a. Cost of Goods Sold

b. Merchandise Inventory

C. Purchases

d. Sales

Problem 2: Under the perpetual inventory system, in addition to making the entry to record a sale, 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: The entry to record the return of goods from a customer would include a

a. credit to Sales.

b. credit to Sales Returns and Allowances.

C. debit to Sales.

d. debit to Sales Returns and Allowances.

Reference no: EM132818021

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Which entry to record the return of goods from a customer

Reference no: EM132818021

Reference no: EM132818021

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