Question: Under the perpetual inventory system, the entry to record a purchase return would include a credit to which account? Question 19 options: a Merchandise Inventory

Under the perpetual inventory system, the entry to record a purchase return would include a credit to which account?

Question 19 options:

a Merchandise Inventory

b Purchases Returns and Allowances

c Accounts Payable

d Sales

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:

The financial statements at the end of Network Realty, Inc.s first month of operations are shown below. By analyzing the interrelationships among the financial statements, fill in the proper amounts...

Q:

Under the perpetual inventory system, the entry to record a purchase return would include a credit to which account? Sales Accounts Payable Purchases Returns and Allowances Merchandise Inventory

Q:

1)ales revenue minus sales returns and allowances and sales discounts equals: Question 1 options: gross margin. income from operations. cost of goods sold. net sales. 2) What is the difference...

Q:

1)ales revenue minus sales returns and allowances and sales discounts equals: Question 1 options: gross margin. income from operations. cost of goods sold. net sales. 2) What is the difference...

Q:

1) ABC Companys December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost...

Q:

8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to...

Q:

Question 1 Find the best match - A. B. C. D. E. Credit sales - A. B. C. D. E. Debit Inventory - A. B. C. D. E. debit Accounts Receivable - A. B. C. D. E. Credit Accounts Payable - A. B. C. D. E....

Q:

1. Under the perpetual inventory system, the entry to record a purchase of merchandise for $13,000 on accounts, term of 2/10, n/30 would include a: a. debit to accounts payable for $13,000 b. credit...

Q:

1Under the direct write off method, the adjustment to wrte off a worthless account involves A. Dr. Accounts Receivable, Cr. Bad Debt Expense C. Dr. Sales Revenue. Cr B. Dr. Bad Debt Expense, Cr....

Q:

13 Under the perpetual inventory system, the entry to record a purchase retum, on the purchaser's books, would include a credit to: O Accounts payable Purchase returns and allowances O Cost of goods...

Q:

Including GST, under a perpetual inventory system, the entry to record the return of inventory sold on credit for $230 would be recorded by the seller as: a. debit to sales returns and allowances...

Q:

Answer the question below thoroughly to the best of your ability and research. Give citations for any information you obtain and use in your answer. The world is full of poorly written and...

Q:

On the average, the amount of money that a customer spends in the store is $40 with a standard deviation $10. The probability that the total spending of 4 customers in the store is over $170 is...

Q:

Exercise 6.6 Explore the nature of Flash memory by answering the questions related to performance for Flash memories with the following characteristics. Data Transfer Rate Controller Transfer Rate a....

Q:

The following is the adjusted trial balance of Sierra Company. (Click on the Graded Worksheet Tab below.) Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $15,000...