Answered step by step
Verified Expert Solution
Question
1 Approved Answer
6) On June 1, Nicholson Company purchased inventory on account with a cost of $1900. Credit terms were 2/10, net 30 . On June 2,
6) On June 1, Nicholson Company purchased inventory on account with a cost of $1900. Credit terms were 2/10, net 30 . On June 2, Nicholson Company returned 60 percent of the inventory. Nicholson Company uses the perpetual inventory system. What journal entry did Nicholson Company prepare on June 2 ? A) debit Cash for $1900 and credit Accounts Payable for $1900 B) debit Accounts Payable for $1140 and credit Inventory for $1140 C) debit Purchase Returns for $1900 and credit Accounts Payable for $1900 D) debit Purchase Returns for $1140 and credit Accounts Payable for $1140
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started