5) Shug Jordan Co uses the periodic inventory system to record purchases. It had

Question

5) Shug Jordan Co uses the periodic inventory system to record purchases. It had a beginning inventory of $3,200. On July 1t Shug purchased supplies on credit in the amount of $10,000. Later in the month, they realized that $250 worth of the supplies were defective, and wanted to return them. They Journal Entry made by Shug Jordan Co to return the goods would be: a. Inventory 250 i. Accounts Receivable 250 b. Inventory 250 c. Accounts Payable 250 d. Accounts Payable 250 i. Accounts Payable 250 i. Purchase Returns and Allowances i. Inventory 250 250

Explanation / Answer

Accounts Payable 250         Purchases return and Allowances 250 Option C is correct

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