If Merchandise Purchased on Credit Is Returned to the Seller

question 44

Multiple Choice

If merchandise purchased on credit is returned to the seller for a full refund,what would be the effect on the accounts listed below?

• A)Increase Inventory;No effect on Cost of Goods Sold;Decrease Accounts Payable.
• B)Decrease Inventory;Decrease Cost of Goods Sold;No effect on Accounts Payable.
• C)No effect on Inventory;Decrease Cost of Goods Sold;Decrease Accounts Payable.
• D)Decrease Inventory;No effect on Cost of Goods Sold;Decrease Accounts Payable.

---

Definitions:

Nature and Culture

Refer to the interconnected relationship and distinctions between the natural world and human-made systems of meaning, norms, and practices.

Equality of Respect

The principle that all individuals deserve the same level of respect and consideration, regardless of their characteristics or status.

Presumption

An assumption that is taken for granted, often without conclusive evidence.

Jean-Jacques Rousseau

A Genevan philosopher, writer, and composer of the 18th century, known for his influential thoughts on education and social contract theory.