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A company uses a perpetual inventory system. Inventory previously sold to a customer for $200 on account is returned, before it is paid for.
A company uses a perpetual inventory system. Inventory previously sold to a customer for $200 on account is returned, before it is paid for. Which account(s) would decrease as a result of the return transaction? a) Both Cost of Goods Sold and Accounts Payable b) Both Cost of Goods Sold and Accounts Receivable c) Accounts Payable only d) None e) Sales Returns Of) Cost of Goods Sold only g) Purchase Returns Oh) Accounts Receivable only
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