Muscat Business Solution (MBS) follows perpetual inventory method . MBS purchase Merchandise 200 units of the HP Laser Printers at a cost of RO 120 each on credit on 10th June 2019. Terms of purchase...


Muscat Business Solution (MBS) followsperpetual inventory method. MBS purchase Merchandise 200 units of the HP Laser Printers at a cost of RO 120 each on credit on 10th June 2019. Terms of purchase are 5/10, n/60. MBS discovers that 50 units of HP Laser Printer returns to the supplier for a full refund on 12th June 2019.Which of the following is correct entry for Merchandise Return on 12th June 2019 in the books of MBS?




a.
Dr. Accounts Payable RO 6,000 Cr. Purchase return RO 6,000




b.
Dr. Merchandise inventory RO 24,000 Cr. Accounts payable RO 24,000




c.
Dr. Accounts payable RO 6,000 Cr. Merchandise Inventory RO 6,000




d.
Dr. Accounts payable RO 24,000 Cr. Merchandise Inventory RO 24,000






Jun 08, 2022
SOLUTION.PDF
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
Have files?