Hempstead Inc. sells merchandise to Oyster Corporation on account, $527,000, terms n/30. The cost of...
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Hempstead Inc. sells merchandise to Oyster Corporation on account, $527,000, terms n/30. The cost of the goods sold is $315,000. Hempstead issues a credit memo for $26,350 for merchandise returned prior to Oyster Corp. paying the origina invoice. The cost of the merchandise returned is $15,100. From Hempstead's view, the journal entry to record the return would include which one of the following (select only one): Odebit to Inventory for $15,100 Odebit to Inventory for $26,350 Odebit to Accounts Receivable for $15,100 o credit to Sales for $26,350
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