The Journal Entry to Record a Return of Merchandise Purchased

question 4

Multiple Choice

The journal entry to record a return of merchandise purchased on account under a periodic inventory system would be

• A)Accounts Payable Purchase Returns and Allowances
• B)Purchases Returns and Allowances Accounts Payable
• C)Accounts Payable Inventory
• D)Inventory Accounts Payable

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Definitions:

Improvements

Refers to enhancements or upgrades made to a property or a process that increase its value, efficiency, or usefulness.

Existing Levels

The current state or condition of something, often used to describe the intensity, amount, or degree of an element or entity.

Nonattainment Areas

Geographic areas that have not met the national primary or secondary ambient air quality standards for certain pollutants as designated by the Environmental Protection Agency (EPA).

National Ambient Air Quality Standards

Standards set by the Environmental Protection Agency (EPA) for the quality of outdoor air in the United States to protect public health and the environment.