Cosmo Company purchases goods

Sigchi4life
Category:
Accounting
Price: $5 USD

Question description

Cosmo Company purchases goods for resale from Galaxy, Inc. The amount of the purchase is $12,500 with terms of 3/10, n/30. Cosmo later returns $500 worth of the goods. Under the perpetual inventory method, what is the journal entry to record the return?

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(Top Tutor) Daniel C.
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School: UCLA
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