A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for...
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Accounting
- A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for faulty inventory parts. Which of the following represents the journal entry for this transaction, assuming the retailer has already remitted payment?A accounts payable debit 600 Merchandise inventory credit 600 B Cash debit 600 Purchase returns and allowances credit 60 C Accounts payable debit 600 Purchase discounts credit 10 cash credit 590
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