Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
How should the return of goods to a supplier be recorded under the perpetual inventory system?
How should the return of goods to a supplier be recorded under the perpetual inventory system?
- Debit Accounts Payable; Credit Purchases, Credit GST outlays
- Debit Inventory; Debit GST outlays, Credit Accounts Payable
- Debit Accounts Payable; Credit Inventory, Credit GST outlays
- Debit Cost of Goods Sold; Credit Purchases
- Debit Inventory; Credit Purchases Returns, Credit GST outlays (correct)
Which account should be debited when goods are returned to a supplier in the perpetual inventory system?
Which account should be debited when goods are returned to a supplier in the perpetual inventory system?
- Sales Returns
- Cost of Goods Sold
- Accounts Receivable
- Accounts Payable
- Inventory (correct)
What is the incorrect way to record the return of goods to a supplier under the perpetual inventory system?
What is the incorrect way to record the return of goods to a supplier under the perpetual inventory system?
- Debit Accounts Receivable; Credit Sales Returns
- Debit Cost of Goods Sold; Credit Purchases
- Debit Inventory; Debit GST outlays, Credit Accounts Payable
- Debit Inventory; Credit Purchases Returns, Credit GST outlays
- Debit Accounts Payable; Credit Inventory, Credit GST outlays (correct)
In the perpetual inventory system, what should be credited when goods are returned to a supplier?
In the perpetual inventory system, what should be credited when goods are returned to a supplier?
Signup and view all the answers
Which of the following entries correctly reflects the return of goods to a supplier under perpetual inventory?
Which of the following entries correctly reflects the return of goods to a supplier under perpetual inventory?
Signup and view all the answers
