The Journal Entry to Record a Return of Merchandise Purchased

question 129

Short Answer

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

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Definitions:

Mean

The average of a set of numbers, calculated by dividing the sum of these numbers by their quantity.

Standard Deviation

A method to assess how much the values in a dataset diverge from one another.

Normally Distributed

A type of distribution characterized by a symmetrical bell-shaped curve, where the mean, median, and mode are equal.

Mean

The arithmetic average of a set of values, or distribution, calculated by summing the values and then dividing by the number of values.