Wexim Toys purchased merchandise from a supplier on credit, terms 2/10, n/30 for $11,100. Three...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Wexim Toys purchased merchandise from a supplier on credit, terms 2/10, n/30 for $11,100. Three days later, the company returned $2,000 of the merchandise. When recording the return transaction, the company would record:
Multiple Choice
$2,000 in the Accounts Payable Cr. column and $2,000 in the Inventory Dr. column of the purchases journal.
Debit Accounts Payable $2,000 and credit Inventory $2,000 in the general journal.
$2,000 in the Cash Cr. column and $2,000 in the Inventory Cr. column in the cash disbursements journal.
Debit Cash $2,000 and credit Inventory $2,000 in the general journal.
$2,000 in the Accounts Payable Dr. column and $2,000 in the Cash Cr. column of the cash disbursements journal
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
