Willow Ridge Company uses a perpetual inventory system. The company recently purchased merchandise for resale from one

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Willow Ridge Company uses a perpetual inventory system. The company recently purchased merchandise for resale from one of its suppliers. Several of the items were not exactly what had been ordered. The supplier gave Willow Ridge a purchase allowance and it was agreed that Willow Ridge should keep the items. Willow Ridge's accountant does not want to credit the merchandise inventory account because the merchandise was not returned. Is this correct or not? Why?
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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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