The Journal Entry to Record a Return of Merchandise Purchased

question 127

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)Sales Revenue.
• D)Inventory.

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Definitions:

Denial

A psychological defense mechanism where reality or facts are rejected because they are uncomfortable or distressing.

Projection

A defense mechanism in which an individual ascribes their own unacceptable thoughts, feelings, or impulses to others.

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Tension Reduction

The process of relieving stress or strain, often through relaxation techniques or activities.