A Purchase Return or Allowance Under a Periodic Inventory System

question 126

Multiple Choice

A purchase return or allowance under a periodic inventory system is credited to:

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

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Definitions:

Compensation

Payment or benefit given to someone, typically as a recompense for loss, injury, or suffering.

Model Rules

Standardized or ideal guidelines and protocols designed to be adapted and employed by various organizations or professions.

ABA

Stands for the American Bar Association, an organization of lawyers and law students focused on improving the legal profession.

Ethical Rules

Guidelines established by legal authorities to govern the conduct of lawyers and legal professionals.