Turner Corporation returned $150 of goods originally purchased on credit from Morgan Industries. Using the periodic Inventory approach, Turner would record this transaction as: $\begin{array}{lll}
\text { a. Inventory } & 150 \
\quad\quad\text { Accounts Payable } && 150 \
\text { b. Accounts Payable } & 150 \
\quad\quad\text { Inventory } && 150 \
\text { c. Purchase Returns and Allowances } & 150 \
\quad\quad\text { Accounts Payable } & & 150 \
\text { d. Accounts Payable } & 150 & \
\quad\quad \text { Purchase Returns and Allowances } && 150
\end{array}$

Question

Turner Corporation returned $150 of goods originally purchased on credit from Morgan Industries. Using the periodic Inventory approach, Turner would record this transaction as: $\begin{array}{lll}
\text { a. Inventory } & 150   \
\quad\quad\text { Accounts Payable } && 150  \
\text { b. Accounts Payable } &    150 \
\quad\quad\text { Inventory } && 150 \
\text { c. Purchase Returns and Allowances } & 150   \
\quad\quad\text { Accounts Payable } &  & 150 \
\text { d. Accounts Payable } & 150 &  \
\quad\quad \text { Purchase Returns and Allowances } && 150
\end{array}$

Quizplus · Accepted Answer

The Answer of Turner Corporation returned $150 of goods originally purchased on credit from Morgan Industries. Using the periodic Inventory approach, Turner would record this transaction as: $\begin{array}{lll}
\text { a. Inventory } & 150   \
\quad\quad\text { Accounts Payable } && 150  \
\text { b. Accounts Payable } &    150 \
\quad\quad\text { Inventory } && 150 \
\text { c. Purchase Returns and Allowances } & 150   \
\quad\quad\text { Accounts Payable } &  & 150 \
\text { d. Accounts Payable } & 150 &  \
\quad\quad \text { Purchase Returns and Allowances } && 150
\end{array}$

Turner Corporation Returned $150 of Goods Originally Purchased on Credit