A Merchandiser Sold Merchandise Inventory on Account B) C) D)

question 103

Multiple Choice

A merchandiser sold merchandise inventory on account.The journal entry to record a sales allowance in the books of the merchandiser,using the perpetual inventory system would be:

• A) \[\begin{array} { | c | r | c | }
• \hline \text { Sales Returns and Allowances } & \mathrm { XX } & \\
• \hline \text { Merchandise Inventory } & & \mathrm { XX } \\
• \hline
• \end{array}\]
• B) \[\begin{array} { |l| r | r | }
• \hline \text { Refunds Payable } & \text { XX } & \\
• \hline \text { Accounts Receivable } & & \text { XX } \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Cost of Goods Sold } & \mathrm { XX } & \\
• \hline \text { Sales Returns and } & & \\
• \text { Allowances } & & \mathrm { XX } \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Estimated Returns Inventory } & \mathrm { XX } & \\
• \hline \text { Accounts Receivable } & & \mathrm { XX } \\
• \hline
• \end{array}\]

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