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Under perpetual inventory system, what is the correct journal entry when inventory previously purchased on account is returned to the supplier? Select one: a. Debit
Under perpetual inventory system, what is the correct journal entry when inventory previously purchased on account is returned to the supplier? Select one: a. Debit Merchandise Inventory; Credit Accounts Payable b. Debit Accounts Payable; Credit Inventory expense c. Debit Accounts Payable; Credit Merchandise Inventory d. Debit Cash; Credit Merchandise Inventory
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