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Home Q & A Board Other Fields Homework Help Business Accounting
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harra harra
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7 years ago
Perkins issued a $500 credit memo to a customer, Susan Richardson, for inventory that Richardson returned because it was not what she had ordered. What entry does Richardson make assuming her company is using a perpetual inventory system?
A)
Accounts Payable-Perkins   500   
      Sales Returns and Allowances      500

B)
Inventory   500   
      Accounts Payable-Perkins      500

C)
Accounts Payable-Perkins   500   
      Purchase Returns and Allowances      500

D)
Accounts Payable-Perkins   500   
      Inventory      500
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
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KryzenKryzen
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7 years ago
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harra Author
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#2
6 years ago
Very timely, excellent answer
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