Wexim Toys purchased merchandise from a supplier on credit, terms 2/10, n/30 for $9,300. Three...
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Accounting
Wexim Toys purchased merchandise from a supplier on credit, terms 2/10, n/30 for $9,300. Three days later, the company returned $1,100 of the merchandise. When recording the return transaction, the company would record:
A) $1,100 in the Accounts Payable Cr. column and $1,100 in the Inventory Dr. column of the purchases journal.
B) Debit Accounts Payable $1,100 and credit Inventory $1,100 in the general journal.
C) $1,100 in the Cash Cr. column and $1,100 in the Inventory Cr. column in the cash disbursements journal.
D) Debit Cash $1,100 and credit Inventory $1,100 in the general journal.
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