Polk Company uses a perpetual inventory system under the gross method and had the following transactions during November: November 6 -Purchased $8,700 of inventory on account, terms 2/10,n/30. November 8 -Returned $1,200 of defective units and received full credit. November 15-Paid the amount due. What journal entry will be recorded by Polk Company on November 8 ? Multiple Choice Debit Inventory and credit Cost of Goods Sold for \$1,200. Debit Accounts Payable and credit Inventory for \$1,200. Debit Inventory and credit Accounts Payable for \$1,200. Debit Accounts Payable and credit Purchase Returns for \$1,200. Polk Company uses a perpetual inventory system under the gross method and had the following transactions during November: November 6 -Purchased $8,700 of inventory on account, terms 2/10,n/30. November 8 -Returned $1,200 of defective units and received full credit. November 15-Paid the amount due. What journal entry will be recorded by Polk Company on November 8 ? Multiple Choice Debit Inventory and credit Cost of Goods Sold for \$1,200. Debit Accounts Payable and credit Inventory for \$1,200. Debit Inventory and credit Accounts Payable for \$1,200. Debit Accounts Payable and credit Purchase Returns for \$1,200