A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $500 to the vendor. Which of the following would be the correct journal entry to record these returns?
A) Debit Purchase Returns $500; credit Accounts Payable $500B) Debit Accounts Payable $500; credit Merchandise Inventory $500C) Debit Merchandise Inventory $500; credit Accounts Payable $500D) Debit Accounts Payable $500; credit Purchase Returns $500
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