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Home Q & A Board Other Fields Homework Help Business Accounting
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Fast2F Fast2F
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6 years ago
The company returned $400 of damaged merchandise purchased on credit. The entry to record this under the periodic inventory method is:
A) debit Accounts Payable $400; credit Purchases Returns and Allowances $400.
B) debit Merchandise Inventory $400; credit Accounts Payable $400.
C) debit Accounts Payable $400; credit Merchandise Inventory $400.
D) debit Cost of Goods Sold $400; credit Accounts Payable $400.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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keytwokeytwo
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6 years ago
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Fast2F Author
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#2
6 years ago
I was skeptical at first but decided to give this a try.

Happy I did, you guys are so smart
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