Question: please provide me with an explanation CHAPTER 5 58. The journal entry to record a return of inventory purchased on account under a periodic inventory

please provide me with an explanation

CHAPTER 5 58. The journal entry to record a return of inventory purchased on account under a periodic inventory system would be: a. Inventory Accounts payable b. Purchase returns and allowances Accounts payable c. Accounts payable Inventory (1. Accounts payable Purchase returns and allowances

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!

The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings $19,700 13,485 (155 units @ $87) 15,900...

Which of the following is not one of the policies and procedures that make up an internal control system? Protect assets. Ensure reliable accounting. Guarantee a return to investors. Uphold company...

1.Which of the following is not one of the policies and procedures that make up an internal control system? A.Protect assets. B.Ensure reliable accounting. C.Guarantee a return to investors. D.Uphold...

Use this information to answer the following question. Account Name Debit (RM) Credit (RM) Sales 293,000 Sales Returns and Allowances 10,000 Purchases 68,000 Purchases Returns and Allowances 8,000...

3. Generally, the Revenue account for a merchandising enterprise is called a a. Sales Revenue or Sales b. Investment Income c. Gross Profit d. Net Sales 4. When a merchandising business sells...

1. Gross Profit equals the difference between? a. Net income and operating expense. b. Sales revenue and cost of goods sold. c. Sales revenue and operating expenses. d. Sales revenue and cost of...

43. MULTIPLE CHOICE QUESTIONS Income from operations is gross profit less a administrative expenses. b. operating expenses. c. other expenses and losses. d. selling expenses. An enterprise which...

Q.1. Net sales total $100,000, gross profit is $75,000 and operating expenses are $25,000. What is the cost of goods sold ? a. $ 10,000 b. $ 75,000 c. $ 25,000 d. $ 50,000 Q.2. Transport-in increases...

Part 2: Theory 56. Freight paid by the buyer in relation to the purchase of merchandise inventory which is to be held for sale form part of? a. Property, plant, and equipment b. Selling expenses c....

any help would be great!! In the Murphy Company, sales were $752000, sales returns and allowances were $31000, and cost of goods sold was $418180, The gross profit rate was 79.9%44.4%82.3%42.0%...

Prepare a Trial Balance of Shri Raju as on March 31, 2015. Particulars Capital Creditors Bills payable Sales Provision for doubtful debts Interest (Cr) Building Cash at bank Rs. 9,20,000 1,88,520...

Calvin Jacobs is a widower who recently retired after a long career with a major Midwestern manufacturer. Beginning as a skilled craftsman, he worked his way up to the level of shop supervisor over a...

Which of the following factors is LEAST likely to be considered when analyzing a private company for a potential investment or acquisition? The company's intellectual property ( IP ) and any...

Answer these questions to check your readiness and skills in managing a department or having budgetary oversights and make plans for change or improvements. Will you feel comfortable as a manager...

4. Give examples of how a communication situation can change from a win-lose to a winwin situation.

3. Why is the following statement, If the Church is a context, it is because it is inside our heads, correct?

1. Discuss the following statements: a) Jeppe drinks because Holberg (the author) forced him to. b) When the soup you are served tastes bad, complain to the cookbook publisher. c) The purpose of an...