Dogs R US uses the perpetual inventory system to account for its merchandise. On May 1, it returned $50 of merchandise

Dogs R US uses the perpetual inventory system to account for its merchandise. On May 1, it returned
$50 of merchandise due to a defect. Assuming that the purchase was originally bought on credit,
demonstrate the required journal entry to record the return by selecting a// of the correct actions
below. (Check all that apply.)

Debit Cash $50.
Credit Merchandise Inventory $50.
Debit Merchandise Inventory $50.
Credit Accounts Payable $50.
Credit Purchase Returns $50.
Debit Accounts Payable $50. 


Review the following credit terms and identify the one that states that the buyer will receive a 3%
discount if the payment is made within 15 days. Otherwise, full payment is expected within 45 days of

the invoice date.

3/15,eom/45
3/10,n/45
3/15,n/45
3/45,n/15