When merchandise purchased on account is returned under the ...

[Caiter2013]

When merchandise purchased on account is returned under the perpetual inventory system, the buyer would debit
 a. Merchandise Inventory
  b. Purchases Returns and Allowances
  c. Accounts Payable
  d. Accounts Receivable

Question 2

The Sarbanes-Oxley Act of 2002 required a new independent board called the Public Company Accounting Oversight Board to be formed to oversee the auditing profession and the audits of public companies.
 
  Indicate whether the statement is true or false

[GCabra]

Answer to Question 1

c

Answer to Question 2

TRUE

[Caiter2013]

Thanks for the timely response, appreciate it

[rachel]

TYSM