Consider the following T-account in the ledger of Gibbs Company. The company uses the perpetual inventory system.Merchandise Inventory5,000400 What business event would result in the $400 credit?
A. A purchase allowance granted to Gibbs.
B. A purchase return by Gibbs.
C. The cost of goods sold by Gibbs.
D. All of these answer choices are correct.
Answer: D
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