Bryan Company Purchased Merchandize Worth $1,800 on Credit,terms N/30 and Returned

question 123

Multiple Choice

Bryan Company purchased merchandize worth $1,800 on credit,terms n/30 and returned merchandise worth $200 the next day.What is the required journal entry to record the merchandise returns under the perpetual inventory system?

• A) Accounts Payable 200
• Purchases Returns and Allowances 200
• B) Accounts Payable 200
• Merchandise Inventory 200
• C) Merchandise Inventory 200
• Purchases Returns and Allowances 200
• D) Purchases Returns and Allowances 200
• Merchandise Inventory 200

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Definitions:

Trademark Burgers

Proprietary burgers that are legally protected by trademarks to distinguish their origin and ensure the uniqueness.

Licensing

An agreement in which a company allows another party to use its intellectual property, brand, or product in exchange for a fee or royalty.

Wholly Owned Subsidiary

A company whose entire stock is owned by another company.

Distribution

The process of making a product or service available for the consumer or business user that needs it, through various channels and points of sale.