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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Definitions:

Transition Phase

A period of change in which something transforms from one state or phase to another, often marked by significant shifts or developments.

Systematic Way

An organized and consistent method or approach to accomplishing tasks or solving problems.

Exploratory Phase

An initial stage in research or project development focused on investigating, experimenting, or gathering preliminary data without a predetermined outcome or hypothesis.