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Business, 29.02.2020 02:30 kayla114035

Dogs R US uses the perpetual inventory system to account for its merchandise. A customer returned merchandise. Assuming that the purchase was originally bought on credit for $400 with a cost to Dogs R US of $100, demonstrate the required journal entry of Dogs R US.
Debit Sales Returns/Allowances $400
Credit Accounts Receivable $400
Debit Merchandise Inventory $100
Credit Cost of Goods Sold $100

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