Under a Perpetual Inventory System, When Goods Are Returned to the Retailer

question 146

Multiple Choice

Under a perpetual inventory system, when goods are returned to the retailer from a customer:

• A)Cost of Goods Sold is debited; Sales Returns and Allowances is credited.
• B)Sales Returns and Allowances is debited; Cost of Goods Sold is credited.
• C)Sales is debited; Cost Goods Sold is credited.
• D)Inventory is debited; Sales is credited.

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