Merchandise Purchased by Dawes Pty Ltd on Credit for $1500 $\quad$

question 28

Short Answer

Merchandise purchased by Dawes Pty Ltd on credit for $1500 was returned,as it had been damaged in transit.The transaction would be recorded by Dawes Pty Ltd as:
A. DR Inventory $\quad$ CR Accounts payable

B. DR Accounts payable $\quad$ CR Inventory

C. DR Cost of goods sold $\quad$ CR Inventory

D. DR Accounts payable $\quad$ CR Cost of goods sold

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Definitions:

Millennial

A person born approximately between the early 1980s and late 1990s; often characterized by their familiarity with technology, media, and digital communications.

Multitask

The ability or practice of performing multiple tasks or duties simultaneously or with overlapping time frames.

Immediate Gratification

The desire or tendency to obtain pleasure or fulfillment without delay or deferment.

Socio-Cultural Conditions

The social and cultural factors that influence an individual's behavior, beliefs, and interactions within a society.