AP-5A

Inventory: Merchandising Transactions Chapter AP-4A LO On January 12, 2018, Corner-Mart received a shipment of T-shirts from Promo Novelties for an event. The invoice amounted to $5,000 and was recorded in the accounting system. Soon after the delivery was made, the marketing manager discovered that the logo was printed incorrectly. The goods were returned to Promo Novelties on January 31. Prepare the journal entry for Corner-Mart to record the return using the perpetual inventory system. Date Jan 31 Account Title and Explanation Debit Credit Accounts Poyable $5 00 Inventoxy Merchandise 5 (00b To tecord purchase retum AP-5A LO 8 Refer to AP-4A. Record the purchase return assuming Corner-Mart uses a periodic inventory system. Account Title and Explanation Credit Debit Date