Jones Co. returned merchandise purchased from Smith Co. The journal entry to record the return of merchandise by Jones, under a perpetual inventory system, would be
debit Sales Returns and Allowances, credit Merchandise Inventory. None of these choices are correct. A
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Home » Business » Jones Co. returned merchandise purchased from Smith Co. The journal entry to record the return of merchandise by Jones, under a perpetual inventory system, would be debit Accounts Payable-Jones, credit Merchandise Inventory.