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Question
Under a perpetual inventory system, the entries to record a $3,400 sales return for undamaged goods on an original cash sale when the merchandise had a cost of $1,500 include a debit to:
A) Accounts Receivable of $3,400. B) Cost of Goods Sold of $1,500. C) Sales Returns and Allowances of $1,500. D) Inventory of $1,500.
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