Dogs r us uses the perpetual inventory system to account for its merchandise. 1. a customer returned merchandise. 2. assuming that the purchase was originally bought on credit for $400 with a cost to dogs r us of $100, 3. demonstrate required journal entry of dogs r us to record the return by selecting all of the correct actions below
The journal entry for the return of the merchandise would be: Dr Merchandise Inventory account 100Cr Cost of Goods Sold account 100 The journal entry for the the cancellation of the debt would be Dr Sales Returns and Allowances account 400Cr Accounts Receivable account 400 Explanation: A separate journal entry must be made for each transaction since the amounts are different.
Iwould say e managed social media account . i won’t take my answer because it might be wrong
e would be the answer