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Home Q & A Board Other Fields Homework Help Business Accounting
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harra harra
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6 years ago
Ruby Company purchased inventory from Diamond Company, and received a credit memo from Diamond Company. Diamond Company had charged Ruby Company $3.85 rather than $3.58 for each of the 100 items ordered. What entry will Ruby Company make assuming they are using a periodic inventory system?
A)
Sales Returns and Allowances   27   
      Inventory      27

B)
Accounts Payable-Diamond Company   27   
      Purchase Returns and Allowances      27

C)
Accounts Payable-Diamond Company   27   
      Inventory      27

D)
Inventory   27   
      Accounts Payable-Diamond Company      27
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
Authors:
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KryzenKryzen
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#1
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6 years ago
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harra Author
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6 years ago
Thanks
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This site is awesome
kc123
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Smart ... Thanks!
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