Multiple Choice
The entry to record the return of $250 of inventory to a supplier under the perpetual inventory system is recorded with a debit to:
A) Accounts Payable and a credit to Purchases Discounts.
B) Purchases Returns and Allowances and a credit to Accounts Payable.
C) Accounts Payable and a credit to Inventory.
D) Inventory and a credit to Accounts Payable.
Correct Answer:

Verified
Correct Answer:
Verified
Q11: Table 5-6<br>The following are transactions for
Q12: When the seller accepts a return of
Q13: Table 5-3 <span class="ql-formula" data-value="\begin{array}
Q14: The gross margin percentage is calculated as:<br>A)gross
Q15: The caption "Net sales" in a multi-step
Q17: When the buyer pays the freight costs,
Q18: Using a periodic inventory system, the entry
Q19: Table 5-2 <span class="ql-formula" data-value="\begin{array}
Q20: Cost of goods sold is $108,000, beginning
Q21: A purchase return or allowance under a