QUESTION 4 Not yet answered Points out of 3.00 P Flag question Smith & Sons uses

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QUESTION 4 Not yet answered Points out of 3.00 P Flag question Smith & Sons uses the perpetual inventory system. The company purchased merchandise with an involce price of $800, with terms of 2/10, n/30. If the company returns merchandise with an involce price of $200 to the supplier before any payment was made for the merchandise, what should the journal entry to record the return include? Select one: O Credit to inventory for $100 credit to inventory for $200 Debit to inventory for $200 Debit to inventory for $196

Explanation / Answer

Answer will be Credit Inventory for $200

As entry would include

Accounts Payable Dr $200

To Inventory $200

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