Question: an entry for a purchase return will include a . a debit to inventory b . a debit to sales returns and allowances c .

an entry for a purchase return will include
a. a debit to inventory
b. a debit to sales returns and allowances
c. a credit to sales returns and allowances
d. a credit to inventory

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Question 23 Canada's tax legislation allows the use of the quick method of accounting for GST/HST because C13 Question 23 options: Canada's free trade agreement with the US requires that the option...

Q:

Answer please 1) An entry for a purchase return will include a) a credit to Inventory. bla debit to Sales Returns and Allowances cla credit to Sales Return and Allowances. d) a debit to Inventory....

Q:

Answer please. 1) An entry for a purchase return will include a) a credit to Inventory. bla debit to Sales Returns and Allowances cla credit to Sales Return and Allowances. d) a debit to Inventory....

Q:

Juniper Co uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9750 of merchandise on August 7 with terms 1/10,n/30. On August 11, it returned...

Q:

Assume under a perpetual inventory system, part of the merchandise purchased earlier on account is now being returned. None of the goods have been paid for. What is the journal entry to record the...

Q:

Assume under a perpetual inventory system, part of the merchandise purchased earlier on account is now being returned. None of the goods have been paid for. What is the journal entry to record the...

Q:

I need help with the following questions for accouting 10/16/2015 Quiz: QUIZ CH 5 & 7 QUIZ CH 5 & 7 Started: Oct 16 at 10:48pm Quiz Instructions Question 1 0.5 pts Merchandising business income...

Q:

Please help me with these. Thank you. 1."An entity which adopts international financial reporting standards must always adhere to the requirements of every standard, no matter what the circumstances"...

Q:

Please help me with these. Thank you. 1."An entity which adopts international financial reporting standards must always adhere to the requirements of every standard, no matter what the circumstances"...

Q:

Can you plese help me with my review sorry for posong so many attachments but this is my last answer. Thank you Factors that shape an accounting information system include the a nature of the...

Q:

A hospital, Beds R Us, entered into the following three arrangements with various healthcare providers: First, Beds R Us had a five-year contract with a physician, I.M. Cure, to serve as a part-time...

Q:

The yield (rate of return) of a 10-5 year T-grade is 4%. If the real interest rate is 1% and the 5-year average inflation is expected to be 2%, what is the maturity risk premium associated with the...

Q:

Below is the tear-sheet and Venture Source information for an acquisition out of South Florida in 2000. Qtera was bought for $3 billion a mere 14 months after the initial round of venture capital. If...

Q:

Scenario: A Multi-national Corporation called The Globe has created a subsidiary called Thirst in an under-developed country called non-potable waters. This hosting country suffers from a severe...

Q:

Middle-level managers in India espouse a greater belief in change and are less conservative than their American counterparts at this level.

Q:

People are becoming the principal instrument in delivering service to the customer, particularly as the service industry grows in importance.

Q:

Successful techniques are focusing directly on people instead of technologies or processes, operating on the principle that devising systems for getting the best out of people will automatically...