Multiple Choice
A company uses the periodic inventory method.Which of the following entries would be made to record a return of $200 of inventory purchased on account?
A) The accounting entry would be a $200 debit to Purchase returns and allowances and a $200 credit to Accounts payable.
B) The accounting entry would be a $200 debit to Accounts payable and a $200 credit to Purchase returns and allowances.
C) The accounting entry would be a $200 debit to Purchases and a $200 credit to Accounts payable.
D) The accounting entry would be a $200 debit to Accounts payable and a $200 credit to Purchases.
Correct Answer:
Verified
Correct Answer:
Verified
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