Merchandise was returned to a supplier. The goods were previously
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?
Question 3 options:
Debit Accounts Payable, and Credit Purchase Returns and Allowances.
Debit Accounts Payable, and Credit Purchase Discounts.
Debit Accounts Payable, and Credit Purchases.
Debit Accounts Payable, and Credit Inventory.
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