A merchandiser returned inventory worth $2,000 that was purchased on account.Under the periodic inventory system,the journal entry to record the return would include ________.
A) a debit to Purchase Returns and Allowances for $2,000 and a credit to Accounts Payable for $2,000
B) a debit to Accounts Payable for $2,000 and a $2,000 credit to Purchase Returns and Allowances
C) a debit to Purchases for $2,000 and a credit to Accounts Payable for $2,000
D) a debit to Accounts Payable for $2,000 and a credit to Purchases for $2,000
Correct Answer:
Verified
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