Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Not sure if its Accounts Payable or Returns. Plz explain.. Austin, Inc. receives damaged goods, but decides to keep them for a reduction in price.
Not sure if its Accounts Payable or Returns. Plz explain.. 
Austin, Inc. receives damaged goods, but decides to keep them for a reduction in price. Under a perpetual inventory system, which account will Austin credit for this price reduction? OA Cash O B. Returns OC Accounts Payable O D. Inventory
Not sure if its Accounts Payable or Returns. Plz explain..
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started