Brendan Company sold merchandise worth $1,600 on credit, terms n/15 and on the next day the customer returned merchandise worth $100, which cost $60 for Brendan Company. What is the required journal entry to record the merchandise returns under the perpetual inventory system?
A) Accounts Receivable 100 Sales Returns and Allowances 100Cost of Goods Sold 60Merchandise Inventory 60
B) Sales Returns and Allowances 100 Accounts Receivable 100Merchandise Inventory 60Cost of Goods Sold 60
C) Accounts Receivable 100 Merchandise Inventory 100Cost of Goods Sold 60Sales 60
D) Merchandise Inventory 100 Sales 100Sales 60Cost of Goods Sold 60
B
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