Company XYZ purchased toy merchandise for resale for a total of $10,000 with terms 2/10, n/30. If company XYZ uses the net method and returns $500 worth of merchandise to its supplier, the entry to record the return of merchandise to the toy supplier includes which of the following: Multiple Choice O Debit to Discounts Lost $10 Debit to Purchases Returns and Allowances $490 Debit to Accounts Payable $500 Credit to Purchases Returns and Allowances $490 None of the other alternatives are correct Jay

Company XYZ purchased toy merchandise for resale for a total or $10,000 with terms 2/10,/30 if company XYZ uses the net method and returns $500 worth of merchandise to its suppliec, the entry to record the return of merchandise to the toy supplier includes which of the following Debit to Discounts Lost $10 Debit to Purchases Returns and Allowances $490 Debit to Accounts Payoble $500 Credit to Purcheses Returns end Allowances $490 None of the other alternatives are conect