Answers
Answer is given below with explanation
Answer is Option C) It is assumed Perpetual inventory system is followed Accounts payable is debited $9,400 Cash is credited for $ $9,212 Difference is reduced from inventory value $188 Answer is Option C) Credit Cash Sales Returns and allowance Sales discount To Accounts receivable Debit $2,673 $400 $27 (1% of $3,100-$400) $3,100 3 Answer is Option C) Since inventory value is reduced it is debited to Cost of Goods sold And Inventory value is reduced by $350
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