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A company that uses the perpetual inventory method purchases Merchandise inventory of $1,000 on account with terms of 2/10 net/30. Defective Merchandise inventory of $200 is returned 2 days later. Which of the following entries would be made to record payment for the Merchandise inventory if the payment is made 20 days later? The accounting entry would be an $800 debit to Accounts payable and an $800 credit to Cash. The accounting entry would be a $784 debit to Accounts payable, a $16 debit to Merchandise inventory and an $800 credit to Cash. The accounting entry would be a $16 debit to Inventory, an $800 debit to Accounts payable and an $816 credit to Cash. The accounting entry would be an $800 debit to Accounts payable, a 16 credit to Merchandise inventory and a $784 credit to Cash QUESTION 15 A company uses the perpetual inventory method. Which of the following entries would be made to record a $1,200 sale of merchandise on account? The merchandise cost the company $800. The accounting entry would be a $1,200 debit to Cost of goods sold and a $1,200 credit to Sales revenue. The accounting entry would be a $800 debit to Cost of goods sold and a $800 credit to Merchandise Inventory. The accounting entry would be a $1,200 debit to Accounts receivable and a $1,200 credit to Sales revenue. Both B and C would be necessary to record the sale

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