Tim returned $600 of merchandise within the discount period. The entry to record the return is to:
A) debit Merchandise Inventory for $600; credit Accounts Payable for $600.
B) debit Merchandise Inventory for $600; credit Sales for $600.
C) debit Accounts Payable for $600; credit Merchandise Inventory for $600.
D) debit to Accounts Payable for $600; credit Sales for $600.
Correct Answer:
Verified
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Q4: Merchandise Inventory is what type of account?
A)
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Q6: When the term F.O.B. shipping point is
Q7: F.O.B. shipping point means:
A) the buyer pays
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Q9: The normal balance for Merchandise Inventory is:
A)
Q10: A characteristic of Merchandise Inventory is:
A) it
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A) quantity received.
B) condition
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