c & S Company purchased 70 keyboards for $20 each from Keyboards -for-Less. When

Question

c & S Company purchased 70 keyboards for $20 each from Keyboards -for-Less. When they unpacked the keyboards, C & S tound that 30 of the keyboards were damaged in shipping What is the journal entry that C & S will make to record the purchase return? A. Debit Accounts Payable-Keyboards-for-Less and credt inventory, $600 O B. Debit Purchase Returns and credit Inventory, $1,400 C. Debit Accounts Payable - Keyboards -for - Less and credit Inventory, $1,400 D. Debit Purchase Returns and credit inventory, S600

Explanation / Answer

Units Rate Amt Purchases 70 20 1400 Found Damaged 30 20 600 Journals: 1 At the Time of Purchases: Purchases Account Dr. 1400 To Accounts Payable Account 1400 2 At the Time of Purchases Return: Accounts Payable Account Dr. 600 To Inventory Account 600 So, Option A is Correct

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.