Liberty Industries purchased merchandise worth $1,800 on credit, terms n/30 and returned merchandise worth $200 on the next day. What is the required journal entry to record the merchandise returns under the perpetual inventory system?
A) Accounts Payable 200Purchases Returns and Allowances 200
B) Accounts Payable 200Merchandise Inventory 200
C) Merchandise Inventory 200Purchases Returns and Allowances 200
D) Purchases Returns and Allowances 200Merchandise Inventory 200
B
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Fill in the blank(s) with the appropriate word(s).
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