When merchandise that was sold on account is returned, using the perpetual inventory system which accounts...
When merchandise that was sold on account is returned, using the perpetual inventory system which accounts are affected in the books of the seller?
Select one:
a. Sales returns, accounts receivable, purchases, and inventory
b. Sales returns, accounts receivable, purchases, and cost of goods sold
c. Cash, accounts receivable, cost of goods sold, and sales returns
d. Sales returns, accounts receivable, inventory, and cost of goods sold
Homework Answers
| Option D is the answer | |
| When the inventory sold on account is returned the accounts affected by this transaction are accounts receivable (Decrease), inventory (Increase), Sales returns and cost of goods sold |
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