Multiple Choice
A merchandiser returned inventory worth $1,400 that was purchased on account.Under the periodic inventory system,the journal entry to record the return would include ________.
A) a debit to Purchase Returns and Allowances for $1,400 and a credit to Accounts Payable for $1,400
B) a debit to Accounts Payable for $1,400 and a $1,400 credit to Purchase Returns and Allowances
C) a debit to Purchases for $1,400 and a credit to Accounts Payable for $1,400
D) a debit to Accounts Payable for $1,400 and a credit to Purchases for $1,400
Correct Answer:
Verified
Correct Answer:
Verified
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