Question: BendCo, which uses the periodic method, purchases inventory for $2,500 cash. What is the journal entry to book the return of goods for $600 cash?

BendCo, which uses the periodic method, purchases inventory for $2,500 cash. What is the journal entry to book the return of goods for $600 cash? debit Cash; credit Cost of Goods Sold debit Cash; credit Merchandise Inventory debit Cash; credit Sales debit Cash; credit Purchase Returns and Allowances

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