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Nimer Co. returned defective goods costing $10,000 to Rama Co. on March 16. The goods were purchased on March 10, on credit, terms 2/10, n/30.
Nimer Co. returned defective goods costing $10,000 to Rama Co. on March 16. The goods were purchased on March 10, on credit, terms 2/10, n/30. The entry by Nimer Co. on March 16 to record the returned of goods :(assume that the company uses the perpetual system) Accounts Payable.... 10,000 Merchandise Inventory.......... 300 Cash... --- 9,700 Accounts Payable......... 10,000 Merchandise Inventory......... 10,000 Accounts Payable......... 10.000
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