An Electronics Retailer Purchases $25,000 of Computers on Account for Resale.The

question 44

Multiple Choice

An electronics retailer purchases $25,000 of computers on account for resale.The retailer returns $5,000 of computers to the supplier and receives a credit on their account.Under a perpetual inventory system the journal entry to record the returned goods will include:

• A)$5,000 will be debited to Purchases Returns and $5,000 will be credited to Accounts Payable.
• B)$5,000 will be debited to Accounts Payable and $5,000 will be credited to Inventory.
• C)$25,000 will be debited to Accounts Payable and $25,000 will be credited to Inventory.
• D)$20,000 will be credited to Inventory and $20,000 will be credited to Purchases.

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