Josiah records purchases at invoice price and uses the perpetual inventory system. On July 5, Josiah returned $9,000 of goods purchased on account to the seller.
How would Joshua record this transaction?
A) Accounts Payable 9,000
Inventory 9,000
B) Accounts Receivable 9,000
Inventory 9,000
C) Accounts Payable 9,000
Purchases 9,000
D) Cash 9,000
Purchases 9,000
Correct Answer:
Verified
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