The entry to record a return of merchandise purchased on credit includes
The entry to record a return of merchandise purchased on credit includes
a debit to Purchase Returns & Allowances and a credit to Accounts Receivable
a debit to Purchase Returns & Allowances and a credit to Purchases
a debit to Accounts Payable and a credit to Purchase Returns & Allowances
a debit to Purchases and a credit to Purchase Returns & Allowances
Homework Answers
The entry would be
| Accounts Payable | xxx | |
| Purchase returns and allowances | xxx |
Option C is the answer
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The entry to record a return of merchandise purchased on credit includes
The entry to record a return by a credit customer of defective merchandise on which no...
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes a debit to Sales and a credit to Sales Returns and Allowances. a debit to Accounts Receivable and a credit to Sales Returns and Allowances. a debit to Sales Returns and Allowances and a credit to Accounts Receivable. a debit to Sales and a credit to Accounts Receivable. Which of the following statements is correct? Under the accrual basis of accounting,...
The entry to record a purchase of merchandise on credit includes
The entry to record a purchase of merchandise on credit includesa debit to Purchases and a credit to Accounts Receivable a debit to Accounts Receivable and a credit to Purchases a debit to Purchases and a credit to Accounts Payable a debit to Accounts Payable and a credit to Purchases
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer,...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
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Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
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A customer purchased an item on credit. Which journal entry should be made to record this purchase?
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Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
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