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A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $700 to the vendor. Which of the following would be the correct journal entry to record these​ returns?         A. Accounts Payable 700           Merchandise Inventory   700   B. Merchandise Inventory 700           Accounts Payable   700   C. Purchase Returns 700           Accounts Payable   700   D. Accounts Payable 700           Purchase Returns   700

A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $700 to the vendor. Which of the following would be the correct journal entry to record these​ returns?         A. Accounts Payable 700           Merchandise Inventory   700   B. Merchandise Inventory 700           Accounts Payable   700   C. Purchase Returns 700           Accounts Payable   700   D. Accounts Payable 700           Purchase Returns   700

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth
$700
to the vendor. Which of the following would be the correct journal entry to record these​ returns?
 
 
 
 
A.
Accounts Payable
700
 
        Merchandise Inventory
 
700
 
B.
Merchandise Inventory
700
 
        Accounts Payable
 
700
 
C.
Purchase Returns
700
 
        Accounts Payable
 
700
 
D.
Accounts Payable
700
 
        Purchase Returns
 
700
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