Which of the Following Is the Correct Journal Entry for a Return

question 221

Multiple Choice

Which of the following is the correct journal entry for a return of goods that were purchased on account under the periodic inventory system?

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

---

Definitions:

Delivery Method

The strategy or process used for transferring goods from one location to another.

Deadlines And Due Dates

Specific times by which tasks, assignments, or projects must be completed or submitted.

Time

A continuous, measurable quantity in which events occur in a sequence from the past through the present to the future.

Proofreading Rules

Guidelines followed during the proofreading process to identify and correct errors in text, ensuring accuracy and consistency.