The Journal Entry to Record a Return of Merchandise Purchased

question 92

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) Purchase Discounts.
• D) Merchandise Inventory.

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Definitions:

Hume

David Hume was an 18th-century Scottish philosopher best known for his skepticism and empiricism.

Educated Judges

Individuals who make decisions or judgments based on extensive knowledge, learning, or specialized experience in a particular field.

Censored

Censored means having certain parts removed or suppressed that are deemed offensive, sensitive, or inappropriate by regulating authorities.

Homer

A legendary ancient Greek poet traditionally said to be the author of the epic poems the Iliad and the Odyssey.