Perpetual Trading Pty. Limited uses the perpetual inventory method to account for its inventories. The journal entry to record the return of 100 units (in good condition) from a customer, originally sold @ $180 each (plus GST). Each unit had a cost of $100 is:
Select one:
a. Debit Sales $18,000
Debit GST Collected $1,800
Credit Accounts Receivable control $19,800
Debit Inventory Control $10,000
Credit Cost of Goods Sold $10,000
b. Debit Sales $11,000
Debit GST Paid $1,000
Credit Accounts Receivable control $11,000
c. Debit Sales $10,000
Credit Accounts Receivable control $10,000
Credit Inventory Control $10,000
Credit Cost of Goods Sold $10,000
d. Debit Sales $18,000
Credit Accounts Receivable control $18,000
Debit Inventory Control $11,000
Credit Cost of Goods Sold $10,000
Credit GST Paid $1,000
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