The Journal Entry to Record a Return of Merchandise Purchased

question 213

Multiple Choice

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

• A) Accounts Payable.
• B) Purchase Returns and Allowances.
• C) Sales Revenue.
• D) Inventory.

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Definitions:

Reactants

Substances initially present in a chemical reaction that are consumed during the reaction to create products.

Endergonic Reactions

Chemical reactions that require an input of energy to proceed and are characterized by a positive change in free energy.

Exergonic Reactions

Chemical reactions that release energy, generally in the form of heat, and occur spontaneously.

Input of Energy

The introduction or absorption of energy into a system or process to initiate or drive reactions.