Under a Periodic Inventory System, the Entries to Record a $3,400

question 115

Multiple Choice

Under a periodic inventory system, the entries to record a $3,400 sales return for undamaged goods on an original cash sale when the merchandise had a cost of $1,500 include a debit to:

• A)Accounts Receivable of $3,400.
• B)Cost of Goods Sold of $1,500.
• C)Sales Returns and Allowances of $3,400.
• D)Inventory of $1,500.

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