Multiple Choice
If merchandise purchased on credit is returned to the seller for a full refund,what would be the effect on the accounts listed below?
A) Increase Inventory;No effect on Cost of Goods Sold;Decrease Accounts Payable.
B) Decrease Inventory;Decrease Cost of Goods Sold;No effect on Accounts Payable.
C) No effect on Inventory;Decrease Cost of Goods Sold;Decrease Accounts Payable.
D) Decrease Inventory;No effect on Cost of Goods Sold;Decrease Accounts Payable.
Correct Answer:
Verified
Correct Answer:
Verified
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