Returned merchandise paid for within the discount period for a cash refund. This

Question

Returned merchandise paid for within the discount period for a cash refund. This will be
recorded with:
A) a credit to an asset.
B) a debit to a liability.
C) a credit to a liability.
D) a debit to an asset.

Purchase returns and allowances:
A) increase net income.
B) have no effect on net income.
C) decrease net income.


Under the perpetual system, the purchase of merchandise is recorded by a(n):
A) increase to Cost of Goods Sold; increase to Accounts Payable.
B) decrease to Accounts Payable; decrease to Purchases.
C) increase to Purchases; increase to Accounts Payable.
D) increase to Merchandise Inventory; increase to Accounts Payable.

Explanation / Answer

dont use the above answers. They are incorrect!

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