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A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On...

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Accounting

A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise return on July 7 is: Multiple Choice O O O Debit Merchandise Inventory $1,600; credit Cash $1,600 Debit Merchandise Inventory $200; credit Accounts Payable $200 Debit Merchandise Inventory $200, credit Sales Returns $200 Debit Accounts Payable $200, credit Merchandise Inventory $200
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A company purchased $1,800 of merchandise on July 5 with terms 210,n/30. On July 7 , it refurned $200 worth of merchandise On July 28 , it paid the full amount due. Assuming the company uses a perpefual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise return on July 7 is: Multiple Choice Debat Merchandise Inventory $1,600, credit Canh $1,600 Debit Merchandise Inventory $200, credit Accounts Payable $200 Debit Merchandise Inventory $200, creda Sales Returns $200 Debis Accounts Payable $200; credit Merchandise inventory $200

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