Options for blanks:

Inventory

Cost of Goods Sold

Accounts Receivable

Cash

Return Expense

Sales Returns and Allowances

Allow for doubtful accounts

Under the perpetual inventory system, you sell 100 items at $30 each of merchandise that cost you $12 a unit to purchase. returns 5 of those items for credit. The entries for the return is: Within a week of receiving the items, your customer 150 4150 60 60