Response to the following :
Purchase Returns
The company returned 15 of the tables purchased in problem because of defects in assembly. Make the journal entry necessary to record this return under (1) a perpetual inventory system and (2) a periodic inventory system.
Problem:
Inventory Purchases
The company purchased (on account) 180 tables to be resold to customers. The cost of each table was $200. Make the journal entry to record this transaction under (1) a perpetual inventory system and (2) a periodic inventory system.