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On September 12, Ryan Company sold merchandise in the amount of $6,000 to Johnson Company, with credit terms of 2/10, 1/30. The cost of the

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On September 12, Ryan Company sold merchandise in the amount of $6,000 to Johnson Company, with credit terms of 2/10, 1/30. The cost of the items sold is $4,100. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $520 and the cost of the merchandise returned is $360. The entry or entries that Ryan must make on September 14 is (are): Multiple Choice 510 510 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 353 353 5201 Sales returns and allowances Accounts receivable 520 510 510 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 360 3601 Saved Help Save & Exit ll 21 O 520 Sales returns and allowances Accounts receivable 520 01:17:12 5101 510 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 360 360 3601 Sales returns and allowances Accounts receivable 360 510 Sales returns and allowances Accounts receivable 510

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