Solved

Josiah Records Purchases at Invoice Price and Uses the Perpetual \quad

Question 17

Multiple Choice

Josiah records purchases at invoice price and uses the perpetual inventory system. On July 5, Josiah returned $9,000 of goods purchased on account to the seller.
How would Joshua record this transaction?


A) Accounts Payable 9,000
\quad \quad \quad \quad \quad Inventory 9,000
B) Accounts Receivable 9,000
\quad \quad \quad \quad \quad Inventory 9,000
C) Accounts Payable 9,000
\quad \quad \quad \quad \quad Purchases 9,000
D) Cash 9,000
\quad \quad \quad \quad \quad Purchases 9,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents