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H3Ko H3Ko
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7 years ago
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) Merchandise Inventory   XX   
       Accounts Payable      XX

B) Accounts Payable   XX   
       Purchase Returns and
       Allowances      XX

C) Purchase Returns and Allowances   XX   
       Accounts Payable      XX

D) Accounts Payable   XX   
      Merchandise Inventory      XX
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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H3Ko Author
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#2
7 years ago
I just realized you had posted this! Thanks so much
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#3
7 years ago
Excellent Slight Smile
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