Question: Create a General Journal entry in accordance with GAPP and using the periodic inventory system and the net method, Dec 4: Returned defective inventory with

Create a General Journal entry in accordance with GAPP and using the periodic inventory system and the net method, Dec 4: Returned defective inventory with a gross cost of $5,000 back to the vendor, Poole Corp (Vendor #210-22). Note: Talley uses the "Purchase Returns and Allowances" account for purchase returns.

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