A Company Purchased $1,800 of Merchandise on July 5 with Terms

question 66

Multiple Choice

A company purchased $1,800 of merchandise on July 5 with terms 2/10,n/30.On July 7,it returned $200 worth of merchandise.On July 28,it paid the full amount due.The correct journal entry to record the merchandise return on July 7 is:

• A)Debit Merchandise Inventory $1,600;credit Cash $1,600.
• B)Debit Merchandise Inventory $200;credit Accounts Payable $200.
• C)Debit Merchandise Inventory $200;credit Sales Returns $200.
• D)Debit Accounts Payable $200;credit Merchandise Inventory $200.
• E)Debit Accounts Payable $1,800;credit Purchase Returns $200;credit Merchandise Inventory $1,600.

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Definitions:

System Integration

The process of linking together different computing systems and software applications functionally, to act as a coordinated whole.

IS Skills

Information Systems Skills, encompassing the abilities and knowledge required to develop, manage, and use information systems effectively in organizations.

Strategic IS

Information systems that are developed in response to corporate strategy, playing a key role in enabling organizations to achieve their long-term goals.

Technical Services

Services that support the use of technology, including installation, maintenance, and troubleshooting.