The Journal Entry by the Buyer to Record a Return

question 40

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.

---

Definitions:

Percentile

A measure indicating the value below which a given percentage of observations in a group falls.

Biochemistry Test

A laboratory examination to analyze chemical reactions, substances, and functions in living organisms.

Z-score

A statistical measurement of a score's relationship to the mean in a group of scores, often used to calculate probabilities in a normal distribution.

Tchebysheff's Theorem

A theorem that provides a bound on the probability that the value of a random variable lies within a certain number of standard deviations of the mean.