A corporation uses the perpetual inventory system. On April 1, it sells merchandise on account for $15,000 with terms 1/15, n/30. The corporation had paid $6,000 to acquire the merchandise. On April 7, the customer returns merchandise with an invoice price of $1,000 to the corporation. The merchandise returned to it had cost the corporation $600. How would the corporation record the customer's return of merchandise on April 7? Group of answer choices Debit inventory for $1,000; credit sales returns and allowances for $1,000. Debit sales returns and allowances for $990; credit accounts receivable for $990. It would record two journal entries. Debit sales returns and allowances for $1,000; credit accounts receivable

A corporation uses the perpetual inventory system. On April 1, it sells merchandise on account for $15,000 with terms 1/15,n/30. The corporation had paid $6,000 to acquire the merchandise. On April 7 , the customer returns merchandise with an invoice price of $1,000 to the corporation. The merchandise returned to it had cost the corporation $600. How would the corporation record the customer's return of merchandise on April 7? Debit inventory for $1,000; credit sales returns and allowances for $1,000. Debit sales returns and allowances for $990; credit accounts receivable for $990. It would record two journal entries. Debit sales returns and allowances for $1,000; credit accounts receivable for $1,000. Debit inventory for $600; credit cost of goods sold for $600. It would record two journal entries. Debit sales returns and allowances for $1,000; credit inventory for $1,000. Debit cost of goods sold for $600; credit accounts receivable for $600. Debit sales returns and allowances for $1,000; credit accounts receivable for $1,000