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Consider the Following T-Account in the Ledger of Gibbs Company

Question 55

Multiple Choice

Consider the following T-account in the ledger of Gibbs Company.The company uses the perpetual inventory system.
Consider the following T-account in the ledger of Gibbs Company.The company uses the perpetual inventory system. What business event would result in the $400 credit? A) A purchase return by Gibbs. B) The cost of goods sold by Gibbs. C) A purchase allowance granted to Gibbs. D) All of these answer choices are correct.
What business event would result in the $400 credit?


A) A purchase return by Gibbs.
B) The cost of goods sold by Gibbs.
C) A purchase allowance granted to Gibbs.
D) All of these answer choices are correct.

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