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Altcom Company (the Buyer) Purchases $2,00 R-16 Wk COurse Altcom Company (the buyer) purchases $2,000 of merchandise on account from Bayside Tech Industries (the seller). The merchandise originally cost Bayside Tech Industries $1,500. Altcom Company found the units received were not the correct color. After negotiation, Altcom Company decides to keep the merchandise. Bayside Tech Industries will give an allowance (or credit) of $200 to Altcom Company for the error and inconvenience. What entry (or entries) would the Altcom Company record in their accounting records for this allowance? Debit Credit Account Titles Inventory 200 A/P 200 To record allowance given on Inventory purchased on Altcom's books Account Titles Debit Credit Inventory 200 Cost of Goods Sold 200 To record allowance given on Inventory purchased on Altcom's books Account Titles Debit Credit A/P 200 Sales Returns & Allowances 200 To record allowance given on Inventory purchased on Altcom's books Account Titles Debit Credit A/P 200 Inventory 200 To record allowance given on Inventory purchased on Altcom's books MacBook Air