A Firm Uses the Periodic Inventory Method

question 81

Multiple Choice

A firm uses the periodic inventory method.Which of the following entries would be made to record a return of $220 of inventory purchased on credit,including GST?

• A)The accounting entry would be a $200 debit to Accounts payable and a $200 credit to Purchases.
• B)The accounting entry would be a $220 debit to Purchases and a $220 credit to Accounts payable.
• C)The accounting entry would be a $200 debit to Purchase returns and allowances,a $20 debit to GST clearing and a $220 credit to Accounts payable.
• D)The accounting entry would be a $220 debit to Accounts payable a $200 credit to Purchase returns and allowances,and a $20 credit to GST clearing.

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Definitions:

Lynched

Denotes an act of murder carried out by a mob through hanging, often without legal trial, primarily targeting African Americans in the United States.

Black Soldier

Typically refers to African American military personnel who have served in various capacities in the U.S. armed forces, historically facing segregation and discrimination.

White Police

Refers to police officers who are of Caucasian or European ancestry, often discussed in contexts relating to racial dynamics and law enforcement.

1943

A year during the 20th century, significant for events in World War II and other global developments.