A Merchandiser Returned Inventory Worth $2,000 That Was Purchased on Account

question 129

Multiple Choice

A merchandiser returned inventory worth $2,000 that was purchased on account. Under the periodic inventory system, the journal entry to record such returns would include:

• A)a debit to Purchase Returns and Allowances for $2,000 and a credit to Accounts Payable for $2,000.
• B)a debit to Accounts Payable for $2,000 and a $2,000 credit to Purchase Returns and Allowances.
• C)a debit to Purchases for $2,000 and a credit to Accounts Payable for $2,000.
• D)a debit to Accounts Payable for $2,000 and a credit to Purchases for $2,000.

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Definitions:

Organizational Citizenship Behavior

Employee behaviors that are beneficial to the organization but are not formally required as part of an employee's role.

Cultural Products

Objects, symbols, and practices that represent the shared beliefs, values, and knowledge of a culture, including literature, music, art, and rituals.

Cultural Differences

The variations in the beliefs, values, behaviors, customs, and norms between different societies or cultures.

Time Period

A distinct, measurable duration of time, during which events, processes, or conditions occur or develop.