A Firm Using the Periodic Inventory Method Returned Defective Merchandise

question 130

Multiple Choice

A firm using the periodic inventory method returned defective merchandise costing $2,000 to one of its suppliers. The entry to record this transaction would include a debit to

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

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Definitions:

Microevolution

The change in allele frequencies that occurs over time within a population, leading to the evolution of small-scale adaptations.

Macroevolution

Evolutionary patterns and trends on a larger scale than microevolution; e.g., adaptive radiation, coevolution.

Fertilization

The process of a sperm cell joining with an egg cell to produce a zygote, initiating the development of a new organism.

Trait Variations

Genetic differences among individuals, resulting in the diversity of phenotypes within a population.