The Journal Entry to Record the Return of a Purchase

question 69

Multiple Choice

The journal entry to record the return of a purchase of inventory under the periodic system includes a:

• A)debit to Merchandise Inventory.
• B)credit to Purchases Returns and Allowances.
• C)credit to Merchandise Inventory.
• D)credit to Purchases.

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Definitions:

Support

Assistance or backing provided by an individual or group to help others in need or to achieve a goal.

Unfreeze

The initial stage of the change process where the goal is to overcome inertia and dismantle existing mindsets.

Motivated To Change

The state of being driven or inclined towards making alterations or adjustments in behavior, situation, or environment.

Perception Of Threat

The subjective assessment of the potential harm or danger that a situation or individual might pose.