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Home Q & A Board Other Fields Homework Help Business Accounting
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tivo tivo
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7 years ago
Hawk Company purchases goods for resale from Spirits, Inc. The amount of the purchase is $12,500 with terms of 3/10, n/30. Hawk later returns $500 of the goods. Under the perpetual inventory system, the journal entry to record the return is:
A) debit Accounts Payable; credit Purchase Returns and Allowances.
B) debit Purchase Returns and Allowances; credit Accounts Payable.
C) debit Accounts Payable; credit Inventory.
D) debit Accounts Payable; credit Purchase Discounts.
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Financial Accounting

Financial Accounting


Edition: 3rd
Authors:
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largerthanlifelargerthanlife
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tivo Author
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#2
7 years ago
Luckily this is the last business course I'll be taking. Thank you greatly
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