Question: 56. A retailer using a periodic inventory system returned $3,000 of defective merchandise which was purchased on account from one of its wholesale suppliers. The

56.

A retailer using a periodic inventory system returned $3,000 of defective merchandise which was purchased on account from one of its wholesale suppliers. The entry to record this transaction on the retailer's books would include a debit to

Inventory.

Cost of goods sold.

Accounts receivable.

Accounts payable.

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