Chancellor Company purchased merchandize worth $900 on credit, terms n/30 and returned merchandize worth $100 on next day. What is the required journal entry to record the merchandize returns under the perpetual inventory system?
a. Accounts Payable 100
Purchases Returns and Allowances 100
b. Accounts Payable 100
Merchandize Inventory 100
c. Merchandize Inventory 100
Purchases Returns and Allowances 100
d. Purchases Returns and Allowances 100
Merchandize Inventory 100
B
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