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Inventory Return Entry in Perpetual Inventory System Quiz
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Inventory Return Entry in Perpetual Inventory System Quiz

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Questions and Answers

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?

  • 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?

  • 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?

    <p>Accounts Payable</p> Signup and view all the answers

    Which of the following entries correctly reflects the return of goods to a supplier under perpetual inventory?

    <p>Debit Inventory; Credit Purchases Returns, Credit GST outlays</p> Signup and view all the answers

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