If a Company,using a Perpetual Inventory System,purchases Inventory on Account,and

question 104

Multiple Choice

If a company,using a perpetual inventory system,purchases inventory on account,and later returns $200 of goods to the vendor,what entry would be made to record the return of goods to the vendor?

• A) $200 debit to Purchases and a $200 credit to Accounts payable
• B) $200 debit to Accounts payable and a $200 credit to Inventory
• C) $200 debit to Inventory and a $200 credit to Accounts payable
• D) $200 debit to Accounts payable and a $200 credit to Purchases

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The process of handing over obligations, property, or rights from one entity to another.

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