Feathertouch Company Sold Merchandize Worth $800 on Credit,terms N/15 and on the Next

question 136

Multiple Choice

Feathertouch Company sold merchandize worth $800 on credit,terms n/15 and on the next day the customer returned merchandize worth $50,which cost $30 for Feathertouch company.What is the required journal entry to record the merchandize returns under the perpetual inventory system?

• A)
• \(\begin{array}{lrr}
• \text { Accounts Receivables } & 50 & \\
• \text { Sales Returns and Allowances } & & 50\\ \\
• \text { Cost of Goods Sold }& 30 \\
• \text { Merchandize Inventory } & & 30 \\
• \end{array}\)
• B)
• \(\begin{array}{llr}
• \text { Sales Returns and Allowances } & 50\\
• \text {Accounts Receivables } && 50\\\\
• \text {Merchandize Inventory } &30\\
• \text { Cost of Goods Sold } &&30
• \end{array}\)
• C)
• \(\begin{array}{l}
• \text { Accounts Receivables }&50 \\
• \text { Merchandize Inventory }&50 \\\\
• \text { Cost of Goods Sold }&30 \\
• \text { Sales }&&30
• \end{array}\)
• D)
• \(\begin{array}{llr}
• \text { Merchandize Inventory} &50\\
• \text { Sales } &&50\\\\
• \text { Sales } &30\\
• \text { Cost of Goods Sold } &&30
• \end{array}\)

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