Which of the following statements regarding the recording of merchandising journal entries in a perpetual inventory system is true?
A) When a customer pays within the discount period,accounts receivable is credited for the full amount.
B) If a customer pays within the discount period,sales discounts is credited.
C) A sales return is recorded with entries that include a credit to sales returns and allowances.
D) Sales of merchandise are recorded by entries that include a credit to cost of goods sold.
Correct Answer:
Verified
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