Multiple Choice
Polk Company uses a perpetual inventory system and had the following transactions during November: November 6-Purchased $8,700 of inventory on account,terms 2/10,n/30.
November 8-Returned $1,200 of defective units and received full credit.
November 15-Paid the amount due.
What journal entry will be recorded by Polk Company on November 6?
A) Debit Inventory and credit Accounts Payable for $8,700.
B) Debit Cost of Goods Sold and credit Accounts Payable for $8,526.
C) Debit Purchases and credit Accounts Payable for $8,700.
D) Debit Inventory and credit Accounts Payable for $8,526.
Correct Answer:
Verified
Correct Answer:
Verified
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