Which of the Following Is the Correct Journal Entry for Purchase

question 146

Multiple Choice

Which of the following is the correct journal entry for purchase returns of goods purchased on account under the periodic inventory system?

• A) \(\begin{array}{c}
• \begin{array}{|l|}
• \hline \text {Purchase Returns and Allowances}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\\
• \hline \text {Accounts Payable }\\
• \hline
• \end{array}
• \end{array}\)
• B) \(\begin{array}{c}
• \begin{array}{|l|}
• \hline \text {Accounts Payable}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\\
• \hline \text {Merchandise Inventory }\\
• \hline
• \end{array}
• \end{array}\)
• C) \(\begin{array}{c}
• \begin{array}{|l|}
• \hline \text {Accounts Payable}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\\
• \hline \text {Purchase Returns and Allowances }\\
• \hline
• \end{array}
• \end{array}\)
• D) \(\begin{array}{c}
• \begin{array}{|l|}
• \hline \text {Merchandise Inventory}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\\
• \hline \text {Accounts Payable }\\
• \hline
• \end{array}
• \end{array}\)

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