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When using perpetual inventory system, which of the entry or entries correctly record(s) the return of merchandise by a cash customer on Jan. 15 tha
When using perpetual inventory system, which of the entry or entries correctly record(s) the return of merchandise by a cash customer on Jan. 15 tha year? The selling price of the returned merchandise was $6,000 and the merchandise originally cost $4,200. The customer was given a cash refund. DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 15 Customer Refunds Payable $6,000 Cash $6,000 15 Merchandise Inventory $4,200 Estimated Returns Inventory $4,200 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 15 Customer Refunds Payable $6,000 Accounts Receivable $6,000 15 Merchandise Inventory $4,200 Estimated Returns Inventory $4,200 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 15 Cash $6,000 Accounts Receivable $6,000 15 Estimated Returns Inventory $4,200 Merchandise Inventory $4,200 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 15 Customer Refunds Payable $6,000 Cash $6,000
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