Journalize the following transaction for a merchandiser that
Journalize the following transaction for a merchandiser that uses the perpetual inventory system.
Received returned goods from a customer, $1,000 (cost, $740 ).
What will be an ideal response
ANSWER
Sales Returns and Allowances 1,000
Accounts Receivable 1,000
Merchandise Inventory 740
Cost of Goods Sold 740
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