Merchandise purchased by Dawes Pty Ltd on credit for $1500 was returned,as it had been damaged in transit.The transaction would be recorded by Dawes Pty Ltd as:
A. DR Inventory $\quad $ CR Accounts payable

B. DR Accounts payable $\quad $ CR Inventory

C. DR Cost of goods sold $\quad $ CR Inventory

D. DR Accounts payable $\quad $ CR Cost of goods sold

Question

Merchandise purchased by Dawes Pty Ltd on credit for $1500 was returned,as it had been damaged in transit.The transaction would be recorded by Dawes Pty Ltd as:
A. DR Inventory  $\quad $ CR Accounts payable

B. DR Accounts payable  $\quad $ CR Inventory

C. DR Cost of goods sold  $\quad $ CR Inventory

D. DR Accounts payable $\quad $ CR Cost of goods sold

Quizplus · Accepted Answer

The Answer of Merchandise purchased by Dawes Pty Ltd on credit for $1500 was returned,as it had been damaged in transit.The transaction would be recorded by Dawes Pty Ltd as:
A. DR Inventory  $\quad $ CR Accounts payable

B. DR Accounts payable  $\quad $ CR Inventory

C. DR Cost of goods sold  $\quad $ CR Inventory

D. DR Accounts payable $\quad $ CR Cost of goods sold

Merchandise Purchased by Dawes Pty Ltd on Credit for $1500 \quad

Merchandise Purchased by Dawes Pty Ltd on Credit for $1500 $\quad$