Merchandise was returned to a supplier. The goods were previously


Question Description:

30

Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return? Debit accounts payable, and credit inventory Debit accounts payable, and credit purchase returns and allowances Debit accounts payable, and credit purchases Debit accounts payable and credit purchase discounts

Answer

30