Assume under a perpetual inventory system, part of the merchandise purchased earlier on account is...
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Accounting
Assume under a perpetual inventory system, part of the merchandise purchased earlier on account is now being returned. None of the goods have been paid for. What is the journal entry to record the return of merchandise? a b Debit Merchandise Inventory; Credit Accounts Payable Debit Cash; Credit Purchases Debit Merchandise Inventory; Credit Accounts Payable Debit Purchases Returns; Credit Cost of Goods Sold d
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