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Home / Questions / Wexim Toys purchased merchandise from a supplier on credit, terms 2/10, n/30 for $11,100. ...

Wexim Toys purchased merchandise from a supplier on credit, terms 2/10, n/30 for $11,100. Three days later, the company returned $2,000 of the merchandise. When recording the return transaction,

Wexim Toys purchased merchandise from a supplier on credit, terms 2/10, n/30 for $11,100. Three days later, the company returned $2,000 of the merchandise. When recording the return transaction, the company would record:

Multiple Choice

$2,000 in the Accounts Payable Cr. column and $2,000 in the Inventory Dr. column of the purchases journal.

Debit Accounts Payable $2,000 and credit Inventory $2,000 in the general journal.

$2,000 in the Cash Cr. column and $2,000 in the Inventory Cr. column in the cash disbursements journal.

Debit Cash $2,000 and credit Inventory $2,000 in the general journal.

$2,000 in the Accounts Payable Dr. column and $2,000 in the Cash Cr. column of the cash disbursements journal

Jul 25 2021 View more View Less

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