A Contra-Account That Records the Company's Returns of Merchandise Purchased

question 94

Multiple Choice

A contra-account that records the company's returns of merchandise purchased from suppliers:

• A) Purchases Discounts
• B) Sales Returns and Allowances
• C) Freight-In
• D) Purchases Returns and Allowances

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Definitions:

Social Security

A government program designed to provide financial assistance to individuals during retirement, disability, or in other circumstances warranting support.

Small Businesses

Enterprises with limited revenue and number of employees, playing a significant role in the economy by offering innovation and employment.

First-time Business Owners

Individuals who are starting and owning a business for the first time, often facing unique challenges and learning experiences.

Initial Sales

The first sales activity that occurs when a product or service is introduced to the market.