Which of the Following Statements Regarding the Recording of Merchandising

question 12

Multiple Choice

Which of the following statements regarding the recording of merchandising journal entries in a perpetual inventory system is true?

• A)When a customer pays within the discount period,accounts receivable is credited for the full amount.
• B)If a customer pays within the discount period,sales discounts is credited.
• C)A sales return is recorded with entries that include a credit to sales returns and allowances.
• D)Sales of merchandise are recorded by entries that include a credit to cost of goods sold.

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