Ruby Gems Purchases Inventory from Diamond Mining

question 16

Multiple Choice

Ruby Gems purchases inventory from Diamond Mining.On 3 September,they received a credit note from Diamond Mining as they had been charged $3.85 rather than $3.58 for each of the 100 items purchased.What entry will Diamond Mining make? Ignore GST.

• A)Accounts payable-Ruby Gems 27 Inventory 27
• B)Inventory 27 Accounts payable-Ruby Gems 27
• C)Sales returns and allowances 27 Accounts receivable-Ruby Gems 27
• D)Sales returns and allowances 27 Inventory 27

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