Multiple Choice
A retailer using a periodic inventory system returned $3,000 of defective merchandise which was purchased on account from one of its wholesale suppliers.The entry to record this transaction on the retailer's books would include a debit to
A) Accounts receivable.
B) Cost of goods sold.
C) Accounts payable.
D) Inventory.
Correct Answer:
Verified
Correct Answer:
Verified
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