The Journal Entry by the Buyer to Record a Return

question 44

Multiple Choice

The journal entry by the buyer 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.
• D)Inventory.

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Definitions:

Relationship

A relationship is a connection or association between individuals, which can be based on kinship, love, friendship, or other social contexts.

Boundaries

Limits set to define acceptable behavior and protect individuals' well-being in interpersonal relationships.

Level of Control

Pertains to the degree of influence or regulation one has over variables in a specific environment or situation.

Blended Families

Families created by the joining of adults in unions with one or more of the adults having children brought into the new family.