Under the perpetual inventory system,when a wholesaler returns the goods purchased on account,the ________ account is credited.
A) Accounts Receivable
B) Merchandise Inventory
C) Cost of Goods Sold
D) Accounts Payable

Question

Quizplus · Accepted Answer

In a perpetual inventory system, when goods are returned, the Merchandise Inventory account is credited to decrease the inventory balance.

Under the Perpetual Inventory System,when a Wholesaler Returns the Goods