Kasper Shack,Inc.acquired merchandise inventory for $1,300 cash on January 12^th.On January 21^st,it noticed that the wrong merchandise had been shipped and returned it to the supplier for a cash refund.Which of the following is the journal entry that would be required for the return of the merchandise on January 21^st?

A)

\begin{array}{lll}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\{\text { Cash }} & 1,300 & \\\text { Merchandise Inventory } & &1,300 & \\\end{array}

\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text { Merchandise Inventory } & 1,300 & \\\quad \text { Cash } & & 1,300\\\end{array}

\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text { Accounts Payable } & 1,300 & \\\quad \text { Merchandise Inventory } & & 1,300\\\end{array}

\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text { Merchandise Inventory } & 1,300 & \\\quad \text { Accounts Payable } & & 1,300\\\end{array}

\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text { Cash } & 1,300 & \\\quad \text { Accounts Payable } & & 1,300\\\end{array}

Randy Stall Invests $25,000 in Cash in the Company to Start

Multiple Choice

Correct Answer:VerifiedUnlock this answer nowGet Access to more Verified Answers free of chargeAccess For Free

Correct Answer:
Verified
Unlock this answer now
Get Access to more Verified Answers free of charge