The Journal Entry to Record the Return of a Purchase

question 24

Multiple Choice

The journal entry to record the return of a purchase of inventory under the periodic system includes a:

• A) debit to Sales.
• B) credit to Purchases Returns and Allowances.
• C) credit to Merchandise Inventory.
• D) credit to Sales.

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Definitions:

SS(Total)

The total sum of squares in an analysis of variance (ANOVA), representing the total variation in the data.

SST

In statistics, refers to the total sum of squares, a measure that quantifies the total variation within a dataset.

SSB

This could refer to several things depending on context; if in statistical analysis, it might not be a standard abbreviation. NO.

SSE

Sum of Squared Errors; a measure used in statistical analysis to quantify the discrepancy between the data and an estimation model.