Retuned merchandise paid for within the discount period for cash. The perpetual

Question

Retuned merchandise paid for within the discount period for cash. The perpetual inventory system is in use. This will be recorded with a debit to
A liability and a credit to an asset B asset and a credit to an asset C expense and a credit to a liability D expense and a credit to an asset Retuned merchandise paid for within the discount period for cash. The perpetual inventory system is in use. This will be recorded with a debit to Retuned merchandise paid for within the discount period for cash. The perpetual inventory system is in use. This will be recorded with a debit to
A liability and a credit to an asset B asset and a credit to an asset C expense and a credit to a liability D expense and a credit to an asset

Explanation / Answer

Ans - B asset and a credit to an asset

as Merchandise has return the good so the journal entry would be "Debit Merchandise Inventory" and "Credit Account Receivable"

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