A purchase return of $500 is recorded as follows: 1. Debit Inventory $500, credit Accounts...
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Accounting
A purchase return of $500 is recorded as follows:
1. Debit Inventory $500, credit Accounts payable, vendor $500
2. Debit Accounts Payable, Vendor $500, Credit Inventory
3. Decit Accounts Receivable $500, Credit Accounts Payable $500
4. Debit Accounts Receivable, Vendor $500, Credit Inventory $500
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