Under a Periodic Inventory System, the Entries to Record a $2,600

question 41

Multiple Choice

Under a periodic inventory system, the entries to record a $2,600 sales return of undamaged goods for a sale originally made on account, when the merchandise had a cost of $1,200, include a:

• A)debit to Inventory of $1,200.
• B)debit to Sales Returns and Allowances of $2,600.
• C)credit to Cost of Goods Sold of $2,600.
• D)credit to Sales Returns and Allowances of $1,200.

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