When Goods Previously Purchased on Account Are Returned for Credit

question 33

Multiple Choice

When goods previously purchased on account are returned for credit, the journal entry is

• A) debit Accounts Payable; credit Purchases Returns and Allowances.
• B) debit Purchases Returns and Allowances; credit Accounts Payable.
• C) debit Purchases; credit Purchases Returns and Allowances.
• D) debit Accounts Receivable; credit Purchases Returns and Allowances.
• E) debit Purchases Returns and Allowances; credit Accounts Receivable.

Comprehend the risks associated with poor self-image and potential developmental disorders.

Recognize variations in physical growth due to environmental and genetic factors.

Understand the role of play and physical activities in development.

Comprehend the dietary and caloric needs during middle childhood.

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Definitions:

Trial Balance

(1) Bookkeeping strategy to confirm accuracy in debits and credits in ledger; (2) A balance sheet reports the assets, liabilities, and stockholders’ equity of a business enterprise at a specific date.

Garbage In, Garbage Out

A principle in computing and data analysis that emphasizes the importance of quality input data to produce meaningful output or results.

Trial Balance

An accounting report that lists the balances of all ledgers in two columns (debits and credits) to ensure they are equal.

Accounts Receivable

Money owed to a business by its customers for goods or services delivered but not yet paid for.