Galaxy Company sold merchandise costing $3,500 for $6,000 cash. The merchandise was later returned by the customer for a refund. The company uses the perpetual inventory system. What effect will the sales return have on the financial statements? (Consider the effects of both parts of this event.) Multiple Choice Total assets decrease by $6,000 and total stockholders' equity decreases by $3,500. Total assets and total stockholders' equity decrease by $2,500. Total assets and total stockholders' equity decrease by $6,000. Total assets and total stockholders' equity increase by $2,500.

Galaxy Company sold merchandise costing \$3,500 for $6000 cash. The merchandise was later retuined by the customer for a refund. The company uses the perpetuai inventory syctem. What effec wil the sales return fuve on the finencial satements? iConsider the effects of boin parts af this event). Muitiple Choice Total astets decreabie by $6,000 and total stocknolders' equity decreates by $3,500. Total assets and total stockholders' equity decreese by $2.500. Total assets and total stockholders' equity dociease by $6.000. Total assets and total stockholders' equity incrisase by $2.500