Question
A firm that used the periodic inventory method returned defective merchandise costing $2,000 to one of its suppliers. The entry to record this transaction includes
A firm that used the periodic inventory method returned defective merchandise costing $2,000 to one of its suppliers. The entry to record this transaction includes a credit to:
a. Sales Returns.
b. Inventory.
c. Purchase Returns.
d. Accounts Payable.
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Internal Auditing Assurance & Advisory Services
Authors: Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Cris Riddle, Mark Salamasick, Paul J. Sobel
4th Edition
0894139878, 978-0894139871
