Question 3 (8 points) 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? O Debit Accounts Payable, and Credit Purchase Returns and Allowances. O Debit Accounts Payable, and Credit Inventory. O Debit Accounts Payable, and Credit Purchase Discounts. O Debit Accounts Payable, and Credit Purchases. Question 4 (9 points) Alpha Company provided the following data concerning its income statement: sales, $995,000; purchases, $473,000; beginning inventory, $245,000; ending inventory, $242,000; operating expenses, $108,000; freight-in, $5,000; sales discounts, $19,000; purchases discounts, $15,000; sales returns & allowances, $101,000; and purchases returns & allowances, $47,000. The data are complete and provide the basis for preparation of an income statement. How much is net income? Your Answer: Answer Question 5 (8 points) Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, 130 and the gross method is used