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Click to watch the Tell Me More Learning Objective 2 video and then answer the...

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Accounting

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Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. Jones Co. returned merchandise purchased from Smith Co. The journal entry to record the return of the merchandise by Jones under a perpetual inventory system is a debit to and a credit to a. Accounts Payable-Smith Co.; Merchandise Inventory b. Accounts Receivable-Smith Co.; Merchandise Inventory c. Sales Returns and Allowances; Merchandise Inventory d. None of these choices are correct. 2. Assume the following data concerning a purchase of merchandise by Icon Co. on April 2: April 2. Purchased $4,000 of merchandise on account from Gamma Co., terms 2/10, n/30. 4. Returned $2,000 of the merchandise purchased on April 2. 12. Paid for the purchase of April 2 less the return and discount. The purchase amount that icon would record on April 2 would be a. $3,920 b. $4,000 C. $3,200 d. None of these choices are correct

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