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H3Ko H3Ko
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7 years ago
A merchandiser sold merchandise inventory on account. The journal entry to record sales allowances in the books of the merchandiser, using the perpetual inventory system would be:

A) Merchandise Inventory   XX   
       Sales Revenue      XX

B) Cost of Goods Sold   XX   
       Sales Returns and Allowances      XX

C) Sales Returns and Allowances   XX   
       Cash      XX

D) Sales Returns and Allowances   XX   
       Accounts Receivable      XX
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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