Polk Company Uses a Perpetual Inventory System and Had the Following

question 134

Multiple Choice

Polk Company uses a perpetual inventory system and had the following transactions during November: November 6-Purchased $8,700 of inventory on account,terms 2/10,n/30.
November 8-Returned $1,200 of defective units and received full credit.
November 15-Paid the amount due.
What journal entry will be recorded by Polk Company on November 8?

• A)Debit Inventory and credit Cost of Goods Sold for $1,200.
• B)Debit Accounts Payable and credit Inventory for $1,200.
• C)Debit Inventory and credit Accounts Payable for $1,200.
• D)Debit Accounts Payable and credit Purchase Returns for $1,200.

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Definitions:

Rewards

Benefits or compensations given in response to an individual's behavior or achievement, intended to reinforce certain behaviors or outcomes.

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Small pieces of chocolate used as an ingredient in various desserts, notably cookies and muffins.

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