Flynn Company uses a perpetual inventory system and had the following transactions during November:
-November 6 - Purchased $5,800 of inventory on account, terms 2/10, n/30.
-November 8 - Returned $800 of defective units and received full credit.
-November 15 - Paid the amount due.
-Use the information above to answer the following question.What journal entry will be recorded by Flynn Company on November 8?
A) Debit Inventory and credit Cost of Goods Sold for $800
B) Debit Accounts Payable and credit Inventory for $800
C) Debit Inventory and credit Accounts Payable for $800
D) Debit Accounts Payable and credit Purchase Returns for $800

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The Answer of Flynn Company uses a perpetual inventory system and had the following transactions during November:
-November 6 - Purchased $5,800 of inventory on account, terms 2/10, n/30.
-November 8 - Returned $800 of defective units and received full credit.
-November 15 - Paid the amount due.
-Use the information above to answer the following question.What journal entry will be recorded by Flynn Company on November 8?
A) Debit Inventory and credit Cost of Goods Sold for $800
B) Debit Accounts Payable and credit Inventory for $800
C) Debit Inventory and credit Accounts Payable for $800
D) Debit Accounts Payable and credit Purchase Returns for $800

Flynn Company Uses a Perpetual Inventory System and Had the Following