MC Qu. 8-49 Assuming a periodic inventory system is... Assuming a periodic inventory system is used, the entry to record a return of merchandise purchased on credit Multiple Choice debit Purchoses Returns and Allowances and credit Accounts Receivable debit Purchases Retums and Alowances and credit Purcheses debit Purchases and credia Purchases Retums and Allowances debit Accounts Payable and credit Purchases Returns and Allowances