Select all that applyDogs 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 required journal entry of Dogs R US to record the return by selecting all of the correct actions below.Multiple select question.Credit Cost of Goods Sold $100.Credit Accounts Receivable $400.Debit Cost of Goods Sold $100.Debit Merchandise Inventory $100.Debit Accounts Payable $400.Credit Sales Returns and Allowances $400.Debit Sales Returns and Allowances $400.Credit Cash $400.Credit Merchandise Inventory $100.

Dogs R US uses the periodic inventory system to account for its merchandise. A customer returned merchandise purchased on credit for $400 with a cost to Dogs R US of $100 and the returned merchandise can be sold to other customers, demonstrate the required journal entry to record the return by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $400.Debit Sales Returns and Allowances $400.Credit Cost of Goods Sold $100.Debit Merchandise Inventory $100.Debit Cost of Goods Sold $100.Credit Cash $400.Credit Sales Returns and Allowances $400.Credit Merchandise Inventory $100.Debit Accounts Payable $400.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below.Multiple select question.Debit Cost of Goods Sold $500.Debit Sales $1,400.Credit Sales $1,400.Debit Accounts Receivable $1,400.Credit Cost of Goods Sold $500.Credit Accounts Receivable $1,400.Debit Merchandise Inventory $500.Credit Merchandise Inventory $500.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. A customer who purchased merchandise on account requested an allowance on a merchandise purchase due to its poor quality, but he did not return the goods back to X-Mart. Assuming that X-mart gives an allowance of $50 on the merchandise, demonstrate the required journal entry on X-Mart's books to record the allowance by selecting all of the correct actions below.Multiple select question.Debit Merchandise Inventory $50.Credit Merchandise Inventory $50.Credit Cash $50.Debit Cost of Goods Sold $50.Credit Cost of Goods Sold $50.Credit Accounts Receivable $50.Credit Sales Returns and Allowances $50.Debit Sales Returns and Allowances $50.

On Jan 5, a customer returned merchandise that had been purchased earlier on credit. The original sale was for $500, and the cost to the seller was $150. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer.Multiple choice question.Debit Accounts Receivable $500 and credit Cash $500.Debit Accounts Receivable $500; credit Sales Returns and Allowances $500; credit Merchandise inventory $150; and credit Cost of Goods Sold $150.Debit Sales Returns and Allowances $150; credit Accounts Receivable $150.Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment by selecting all of the correct actions below.Multiple select question.Credit Accounts Payable $350.Credit Cash $392.Credit Cash $343.Credit Merchandise Inventory $7.Debit Merchandise Inventory $7.Credit Purchase Discounts $7.Debit Accounts Payable $350.